Deciding whether to continue to rent or take the plunge and buy a home is a big decision. There are some pros and cons to both. Here’s more information as to the benefits and drawbacks of renting or buying a home in 2021.
Renting A Home
Costs are Predictable
Renters won’t have to deal with having to pay for unexpected home expenses. They only have to worry about their rent payment, and their landlord will be responsible for paying for repairs.
A Lot of Flexibility
Most renters are locked into a lease for about a year. This gives them the flexibility to move around without having to wait long for a house to sell. If they need to move before their lease is up, they may be able to work out a deal with their landlord.
Not Able to Renovate
Renters can’t make extensive renovations as homeowners can. They can’t customize their rental property in order to meet their exact needs.
Lack of Equity
Many individuals see renting as throwing money away. They aren’t building any equity as homeowners are.
Buying A Home
Homes can increase in value over time. When an individual sells their home, their home may have gained equity, and they may receive more money than they originally paid for their home.
Having a Stable Place to Call Home
Renters can be at the mercy of their landlord. They can increase rent or sell the property even if the renter doesn’t want them to. Homeowners don’t have to deal with this.
It Can Be Expensive
There are a lot of expenses that come with owning a home. Homeowners can’t just call a landlord to make repairs like renters can.
It Can Be Difficult to Sell Quickly
If someone needs to relocate quickly, it can be difficult if they need to sell their home first. In some instances, it can take years to sell a home.
There are a lot of pros and cons of both renting or owning a home. It’s important that individuals take all of the information above into consideration before deciding what to do about their housing dilemma in 2021.