Real Estate
The argument over renting versus buying includes advantages and disadvantages, when you think about job security and the ability to commit to anything, for a long-term. When you decide to rent, you aren’t locked into a large financial commitment, such as a mortgage loan you can’t afford. Those that are presently working may not be confident their present position will provide stable income, in the months to come. Lay-offs and cut-backs can wreck havoc on a family’s budget.
Home rental may be beneficial for those that don’t enjoy working in the yard or doing any other kinds of handyman-types of jobs, such as clearing a snowy driveway. Purchasing the required tools and machinery can be other expenses you are spared, when comparing home rental to the purchase of your own home. Some people prefer to spend their time doing other things and a home rental may include landscaping upkeep.
When you have indoor problems with your rental, such as plumbing, air conditioning or heating issues, you can just pick up the phone and your landlord can arrange for repair. When purchasing a home, you are responsible for all of these expenses, besides insurance and taxes. Your rental payment will remain stable for your rental term and if it becomes more expensive, you have the option to move to another location that’s more affordable, with little advance notification. Your damage deposit can help you afford your moving expenses, assuming you leave the property in good repair.
This doesn’t mean you won’t face disadvantages, when you rent. Some tenants like to personalize their interior space, but your lease may not allow any type of cosmetic changes. Your monthly rental payments don’t go towards equity or asset-building, like buying a home can offer. Some landlords can be unreachable, unpredictable and inattentive. You may become frustrated with repair issues that aren’t fixed, rent increases and even, the threat of eviction.
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On the other hand, buying a home can be expensive, and not just to move in. If there is a problem of some kind, you are responsible for fixing it. You have to keep you lawn maintained, as well as keep the drive and sidewalks clear in the Winter. If you are part of some kind of HOA, then you have to get permission to do anything on your property. If something happens financially, and you end up going into foreclosure, you run the risk of losing everything, including any equity, as well as your good credit rating.
One of the other things you have to consider when buying a home is that you have to buy extra things for the home. You may have to buy a lawn mower and other yard equipment. Any major problems you have to deal with and pay out of pocket expenses. This can include things like problems with plumbing and electrical.
These are just some of the pros and cons of renting and buying a home. You have to consider many factors when it comes to deciding which one to do. If you are financially stable, and have job security, it may be a good idea to buy a home. If you are less secure, and don’t know where you may be in five years, it may be to your advantage to rent instead.
Lance Mohr is a specialist in the Tampa real estate market. If you have any questions or are looking for hard working Realtor give me a call. For details on Brandon, Fla homes or Carrollwood, Fla homes please visit our website at Tampa2Enjoy.com.