Should you buy or should you rent? Here’s why renting makes more sense.
A common understanding of renting versus buying a home is that buying is always better. Buying a home allows for total control of the property, lower monthly payments, return on investment, and overall savings. However, renting may be a must considering your situation and lifestyle. Here are three overarching reasons why renting may be a better choice.
Temporary Ownership
Paying a mortgage on a house is a huge investment requiring decades to pay off. While it’s okay to move before you’ve finished your full payment, it’s not wise to jump from mortgage to mortgage every few years. If you decide to buy, it is better if you are dedicated to caring for the house long term. On the other side, you may be a new graduate starting out, a young family, someone who loves to change up the scene from time to time, or even a military family. Renting is the smarter choice when your current location is less permanent on your mind.
Lesser Maintenance Cost
One of the greatest benefits of renting is the removed burden of maintenance cost. Your landlord or property management company will be responsible for keeping your living quarters and your neighbors’ free from damage and decay. Make sure, though, that whoever will be responsible is good at his or her job.
A note on personalization: Though a rental property is famous for its inability for personalization, some landlords do allow renters to do some renovations. Places do exist where renters can paint their walls and are happily welcome to DIY fix some practical maintenance problems.
Affordability
Rent is almost always higher than a mortgage. How is renting more affordable? Renting is the way to go when prospective homeowners can’t afford to buy a house in the desired area. A house is a large investment; renting is an easier way to go, especially in the heart of cities. There are also ways to save as a renter, like negotiating the lease renewal, choosing a lease spanning greater time length, or remembering to turn off the lights before you leave your place. Renting can also be a savored opportunity to learn how to downsize.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.