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Renting vs Buying a Home: The Advantages and Disadvantages of Both Options
Have you decided you want your next home to be a house? Well, the next step is to decide if you will rent or buy the home. The decision of whether to rent or buy a house can be a big one, but thankfully, there are many positives to both options. Looking for help making the choice? You’re in luck! In this post, you’ll find a breakdown of the pros and cons of buying vs renting.
The Pros and Cons of Renting vs Buying a Home
Advantages of Buying a Home
- More control over the house: When you buy a home, you are the owner of the house and have free-rein over painting, design and renovating the place. This allows you to change your home to your pleasing and can make it feel homier.
- A good investment: Buying a house can be a really good investment. The money you are paying on the mortgage will lead to you eventually owning the home. Once the house is paid off, you will no longer have monthly house payments.
Disadvantages of Buying a Home
- More settled in one location: Buying a home makes moving much more difficult. If you are not sure if you want to live in your current location for a good period of time, buying a home may not be the best choice for you.
- More responsibility: When something breaks, you are in charge of getting it fixed. You are also responsible for the maintenance and upkeep of the home.
Advantages of Renting a Home
- Less responsibility: One of the main perks of renting a house is that there is less responsibility involved. It is common for upkeep of the house, appliances and house repairs to be covered by the homeowner.
- Less initial cost: Generally speaking, there is more of an initial cost associated with buying a home. Between a minimum down payment of 3.5%, closing costs and fees, buying a house can be a large investment.
Disadvantages of Renting a Home
- Must oblige by owners’ rules: When you rent a home, you must oblige by the rules laid out by the homeowner. If the homeowner does not want pets in the house, or for you to paint the kitchen cupboards a new color, you will be unable to do so.
- Less long-term home security: Things change, and in a few years the homeowner of the house may decide they want to sell the it. This will mean that you have to move, maybe at short notice.
Make Space in Your Home with a Storage Unit Rental!
Whether you are renting or buying a home, it is common to need more household storage. Storage World has storage facilities in Jonesboro, GA and Decatur, GA on Panthersville Rd and Flat Shoals Pkwy. Are you looking for storage for sensitive items, such as furniture, clothes, documents, electronics and appliances? Our storage facilities have climate controlled storage units available! Reserve a 5×5, 5×10 or 10×10 storage unit with Storage World today!