When it comes to investment properties and second homes, people generally use these two terms…
Did you know that more than 1 in 3 Americans rent instead of own their homes?
There are plenty of benefits that come with living in a home, but lots of people aren’t ready to make that commitment and many more people are taking their time to weigh their options.
Are you thinking about renting or buying a home but don’t know which choice is best for your lifestyle? Keep reading to learn more about the pros and cons that can help you make a smart decision.
What Type of Home Can I Afford: The Costs of Renting and Buying
For the last decade, many housing experts agreed that buying a home was more cost-efficient in the long run instead of renting. The main reason why is because real estate market prices dropped significantly. Another important factor was banks and other financial institutions were willing to offer competitive mortgage rates and loans.
However, in the last couple of years, the real estate market has been recovering and driving up the prices of homes. Although it’s still possible to find a home that is a good deal, more people are finding better deals by renting a house. If money isn’t too much of a concern, then this news shouldn’t discourage you from buying.
Should I Buy or Rent a House: Reflect on Your Security
One big benefit of renting is your monthly payments are fixed. This can make planning for your future easier because your bills will look the same throughout your lease. If you have a tight budget, renting can give you peace of mind.
Buying a home is an investment that can vary a lot month to month. Since you’re responsible for the upkeep of your home, you have to be prepared to fix any issues that could arise at any time. On top of your mortgage, you’ll also have to be prepared to pay for insurance, property taxes, and any other miscellaneous fees.
When Should I Buy a House: Consider Your Unique Lifestyle
If you’re ready to settle down and find your dream home, then buying a home can be a rewarding experience. Most people who buy homes nowadays are older, have established careers, and they’ve developed an attachment to their community.
If you’re young and feel like you haven’t seen enough of the world, renting a home will give you the freedom and flexibility you need. Even if you are content with setting roots down, your heart might not be invested in all of the upkeep a home requires. As you look at houses, you should never consider buying unless you’re absolutely in love with the home.
Thinking About Renting or Buying a Home Around Kansas City?
Now that you know more about the pros and cons of renting vs. buying a home, you can make the best decision for your lifestyle.
If you’re thinking about renting or buying a home around the Kansas City area, Dream Homes by Jen would love to help you find your perfect match at a competitive price. Contact us to learn more about how we make navigating the real estate market easy.