Renting vs. Buying
Is It Better to Rent or Buy?
You decided you want to move and are now wondering if it’s better to rent or buy your next home. Don’t let the rent or buy debate take away from your excitement. This is an important decision that can be made easier by reaching out to experts in the industry. Let our South Raleigh full-service movers lessen your load with renting vs. buying pros and cons when you move to South Raleigh, North Carolina.
The Pros of Renting
- Freedom to move or relocate. If you want to travel or change jobs, breaking a short-term lease is much easier than a mortgage.
- Not responsible for maintenance. Take advantage of the fact that your landlord is required to pay for repairs.
- Abundance of options. If you’re uncertain of where you will be in six months, sublease or rent an Airbnb that fits your timeframe.
- Build credit. Especially as a recent graduate or young professional, you can build your credit by paying rent and utilities on time.
The Cons of Renting
- Redecoration is limited. Houses and apartments restrict renovation and charge for damages through a security deposit and fees.
- Rent is not fixed. Landlords tend to increase rent due to competition in the housing market.
- Lack of financial benefits. As a renter, you don’t build equity, receive tax deductions, or benefit from the appreciation of a home’s value.
The Pros of Buying
- Freedom to renovate. Change your home as you please. Be sure to look out for HOA restrictions, but there is much more flexibility for renovations.
- Financial benefits. As a homeowner, you receive tax advantages, build equity, and benefit from the appreciation of a home’s value.
- Ownership and privacy. There is a strong sense of pride that comes from being a homeowner.
The Cons of Buying
- Big purchase. Of course, purchasing a home is a big decision. Be sure it’s affordable and that you’re able to keep an emergency fund on hand after your purchase.
- Lack of freedom to move. Buying a home is a long-term investment and selling after a short timespan will is not financially savvy.
- Increased expenses. Monthly expenses include homeowner’s insurance, HOA fees, utility bills, and maintenance fees.
- Responsible for maintenance. You are 100% responsible for finding and paying a professional to fix any electrical or plumbing issue.
Now that you’ve heard our renting vs. buying pros and cons, you can decide if it’s better to rent or buy a home. Be honest with yourself and make the decision that is right for you. Consider factors like job security, debt, housing market, and location. We hope that the advice of our South Raleigh residential movers has helped you determine if it’s better to rent or buy. Call our South Raleigh long-distance movers to get you settled into your new home. If you’re looking to move your company, ask to speak with our trusted South Raleigh commercial movers.