Connect with us

Home Improvement

Renting vs. Buying

With the ups and downs of the housing market in recent years, many of us who are looking for a new place to live are faced with the eternal question: Rent or buy? Everyone who even knows a real estate agent will be quick to quote a string of pro-buying mantras. Owning a home is an investment; renting wastes years worth of your cash that could be applied to home. It’s a buyer’s market. Interest rates are low. Real estate websites, family, and friend often act as though owning a home is a true sign of adulthood and financial responsibility. But you dig a little deeper into some of the hidden costs of home ownership and carefully consider your own financial position, renting generally turns out to be the better option. We explore some of the many reasons to rent, rather than buy, below.

Taxes

Homeowners and buyers face a barrage of tax costs from the moment they buy a home to the moment they finally sell it. You can expect to pay property taxes at the signing of your new lease. These costs, which are often quite hefty, add to the purchase price of a new home. Throughout the period that you own a home, you can also expect property taxes to fluctuate—there is no guaranteed rate for these costs. For this reason, you can never rely on a set yearly cost for your home, since this depends on the tax rate at any given year. Renters are spared the pain of such monumental tax fees.

Maintenance and Repairs

Any homeowner who has ever had to replace a roof can attest to the fact that thousands of dollars can go down the drain with major repairs. One major fix, such as a roof, siding, or flooring, can easily cost more money than a renter pays for their home in an entire year. The numbers can be truly astronomical. Beyond the threat of major repairs, everyday maintenance should be factored into the price of a home. If a toilet breaks or a faucet leaks, you can expect to pay your plumber a handy sum. Renters, on the other hand, do not have to worry about major repairs, and their maintenance needs are generally carried out through their landlord or apartment community.

Luxuries

Take a moment to look into the price of a new pool. Such luxuries can cost tens of thousands of dollars. Many apartment communities provide amenities that are beyond the reach of the average homeowner. From heated pools to saunas and hot tubs, a wealth of perks are available to renters. Homeowners can also expect monthly gym payments on top of their mortgages. Many renters will find that apartment communities offer on-site fitness facilities.

Unstable Markets

One need only look at the recent history of the housing market to know that unpredictable factors can quickly dash the homeowner’s dream of getting a return on their investment. Based on the whims of the economy, the value of a home can plunge drastically, meaning that you get less out of it than you put in—which quickly defeats the argument that homes are good investments. A bad market can also make your home difficult to sell, if you ever need to move or lower your financial burdens in the future.
Lilly Sheperd, an occasional guest-blogger, geek girl. When not blogging or reading apartment finder reviews, she likes to play Netball with her friends.

Continue Reading

Recent Posts

SEO6 days ago

The Importance of Local SEO for Small Businesses

There are many different types of businesses and all of them will require online marketing however, with a small business,...

General1 week ago

Understanding The Unsung Heroes: Cool Rooms And The Importance Of Regular Repairs

Everybody loves a breath of fresh air when entering a superstore! But have you ever wondered who’s working backstage to...

Home Improvement4 months ago

How To Add More Value To Your Home

If you have some spare cash in the bank, it is likely you would like to spend it on your...

Lifestyle4 months ago

What is a Deep Plane Facelift

Cosmetic surgery is a choice that needs a lot of research and when it comes to thinking about a facelift...

Entrepreneur4 months ago

Unveiling the Demand for Digital Marketing Courses: A Comprehensive Analysis

In recent years, the realm of marketing has undergone a seismic shift propelled by the digital revolution. As businesses increasingly...

Home Improvement4 months ago

What Does an Effective Wardrobe Spring Clean Entail?

Spring is upon us which means one thing and one thing only. It is time for the annual purge of...

Business6 months ago

Your Basic Guide To Creating A Unique Investment Blog

Starting your own blog is great and once you get the ball rolling, it can be a good passive income...

Business6 months ago

3 Low-Risk Ways To Get Your New Business Started

Once you’ve got an initial business idea and believe that it will be a success, there are some basic things...

Lifestyle6 months ago

Conquering the Co-free Zone: Tips for Thriving as a Remote Worker

Adjusting to an office environment can come with its downfalls in the sense that it might be a shock to...

General7 months ago

3 Ways To Take Control Of Your Finances Starting Now

If your finances have taken over and are bringing stress to your life, we understand just how overwhelming it can...

Travel9 months ago

Best Places To Visit In The North Of England

If you live in England, you will know there are many different places to visit for the weekend. There are...

General9 months ago

Green Home Improvement Ideas

In a world where environmental concerns are growing, the concept of “green” has gone beyond a trendy catchphrase and is...

Lifestyle9 months ago

How to Host an Unforgettable House-Warming!

The time has finally come. You have moved into your dream pad, and are officially adulting in your very own...

Autos9 months ago

A Guide to Parking Lot Striping

The journey to a well-striped parking lot begins with the right paint. In this brief guide, we’ll unravel the mystery...

Business12 months ago

Business Tips For Protecting Your Finances During A Recession

In 2023, taking the necessary steps to protect your finances for your business is now more important than ever. The...

Categories

Archives

Trending