Buying vs Renting a Home: 5 Essential Factors to Consider

As of last year, 44 million American households were rental properties. Renting is among one of the fastest housing trends to date and growing. But why?

If you’re weighing the renting vs buying pros and cons, that’s a good place to be. It means you’re discerning. That in itself explains why the rental trend’s growing—buying’s no longer the only instinct.

When it comes to buying vs renting a home, two parts of humankind are at play.

Renting represents the nomadic society we used to be and what many are returning to. Homeownership remains a staple of The American Dream and both aspects are valid.

Which do you most resonate with? Here’s what to know.

Buying vs Renting a Home

If you’re wondering about buying vs renting a home, it’s possible your nomadic and structured parts of you are warring. The following factors can clarify your stance on whether to rent vs buy.

When to Rent vs Buy

The biggest reason most consider renting vs buying a house is money. 82% of renters say it’s more affordable—that’s more than a rumor; that’s the majority experience. Here’s why:

1. Affordability

Rentals involve less maintenance, sometimes less space, and less of a financial commitment. There are rental deposits, monthly rent, and rental insurances, but homeowning has:

  • Closing fees
  • Mortgage and mortgage insurance
  • Property taxes
  • Homeowners insurance
  • Ongoing maintenance, repairs, replacements, and renovations
  • HOA fees

Knowing the financial commitments can help you feel into your willingness.

2. Maintenance

It feels nice to offset maintenance labor with rentals. Property management companies like Renterspad (https://renterspad.com/best-property-management-companies/) can take a load off your home experience.

If you care about what happens outside the home more than inside it, renting may be for you.

3. Space

Depending on your budget and income, rentals can offer the right space for your lifestyle. Rentals invite a conscious awareness of how much space you want and need.

As a result, you can live economically and focus your money elsewhere. It’s helpful to consider how buying vs renting an apartment would be different than a house. Do you like quaint, simple spaces?

How do envision the word home?

4. Rootedness

No matter if you rent or own, a sense of home can be unique to you. If you need a house to feel secure, protected, and safe, you may be willing to jump through hoops to get one.

If you live freely and don’t want to commit somewhere long-term, renting’s the right option.

5. Priorities

Consider where your rent vs buy conversation comes from. What fuels it? Society or your personal desires?

A good way to tell’s by knowing your mind. Do you have a life plan? Do you foresee a family and kids?

Do you envision your life 10 years from now, or play things by ear? Knowing yourself can clarify your vision.

Home Is in the Heart

It’s true that only you can decide what’s best for you. Your financial situation, your willingness, and your desires will tip the buying vs renting a home scale accordingly.

Other factors like partners, family, neighbors, and desired location can help you know where to land. Either way, your future’s at your fingertips! Enjoy it.

For more on how the right properties can better your life, check out our latest blog posts!