Posted on: February 11, 2020 | by: Chloe Moore
Renting vs. Buying a Home: The Advantages of Both
If you’re thinking about buying a home, the decision is not one to be made lightly. Homeownership is a huge step, especially if you’re used to renting. Before making this important decision, it’s important to think about what works best for your personal situation. In this article, we’ll examine some of the pros and cons of both buying and renting a home.
The Benefits of Renting a House
- Lower upfront costs: A security deposit is a minor cost compared to a down payment. If you choose to buy a house, you’ll need to have a minimum of 3.5% of the purchase price available to put down. To minimize your interest costs, financial experts often recommend putting down even more than that!
- Easier budgeting: If you decide to rent, you’ll be able to budget much easier. Your housing related expenses should be about the same every month. When you buy a home, you’ll have to be financially prepared to handle any maintenance repairs and replace broken appliances. You never know when something might happen, so it’s harder to prepare in advance.
- Less maintenance: Unlike becoming a homeowner, when you rent a home, you’re only responsible for appliance upkeep and minor repairs. But if you buy, you are 100% responsible for the maintenance repairs and costs.
The Pros of Buying a Home
- Possible tax breaks and benefits: You may receive additional tax deductions and/or credits for purchasing a home. This benefit of homeownership could help you get a higher refund during tax season.
- Equity and stability: If you decide to own, you won’t have to worry about rent increases in the future. If your home’s value increases in the future and you decide to sell, you can cash in on the equity on your property.
- Control and freedom: You’ll have complete control over your property as a homeowner. Do you want to finish the basement? Go for it! Thinking about painting your home an offbeat shade of green? Grab the paint brushes. You don’t need anyone’s permission and you can make changes to your home as you please.
Storage Unit Rentals for Renters and Homeowners
Whether you decide to buy or rent, renting a storage unit is a great choice! You’ll be able to keep your home neat and organized by storing items you’re not using, such as seasonal clothing, sports equipment, baby gear, and so much more.
Find Self Storage has storage facilities in Dallas, TX, Carrollton, TX, Plano, TX, Leesville, LA and Alexandria, LA on Windermere Blvd and Lodi Rd. Our storage facilities offer personal storage to help reduce the clutter in your home, plus climate controlled storage unit options that are ideal for storing valuable and temperature sensitive items. Reserve a storage unit today!