Deciding whether to buy or rent your next home can be a difficult decision for many families to make. Individuals who are interested in moving to the Louisville, Kentucky area are faced with choosing between the pros and cons associated with home ownership and renting. While rent may be very expensive in the northern part of the country, due to the lower cost of living in the south, rent payments can be very affordable for apartments and homes. Still many people believe that paying rent is a waste of time.
Why Should I Buy A Home?
Home ownership can provide you with many great benefits that can last for the rest of your life. When you purchase a home you are making an investment that you and your family can enjoy for many generations to come. For buyers who have an excellent credit rating, buying a home can mean monthly payments that are nearly equal to paying rent every month. When you buy a home, you also have the freedom to renovate the building, add on rooms, build a storage shed, grow a garden, or own an indoor or outdoor pet. In a way, it’s your own personalized home — a place that no one can contest with.
What Are the Disadvantages Associated with Home Ownership?
For some people, buying a home may seem like the obvious choice. However, many individuals end up buying more home than they can afford, which ends up causing this wise decision to be a terrible financial burden. Almost everyone dreams of owning a large home with a spacious backyard for their kids to play in. But buying an expensive house when you know you cannot afford it is a big mistake that can ruin your credit. It is important to think about how you will be able to make your house payment in five, ten or fifteen years from now and not simply focus on what you can afford within the next few months.
Another disadvantage when it comes to home ownership is if you own a large amount of property, it can be very difficult to take care of the land. If anything breaks or the water pipes start leaking, you have to fix it or pay someone to do it for you (in contrast to the apartment complex doing it for you). It also means you’ll be mowing the lawn every week during the summer. Some people don’t enjoy this and would prefer not to deal with it.
Why Should I Rent?
Renting a home or apartment is a good option for people who need to find a place to live in a short amount of time. The advantages that come along with renting a home include being able to move into a new house or apartment no matter how bad your credit rating is, and being able to move into a different location quickly without having to go through the process of selling your home. Renting is typically considered to be a more affordable option especially for individuals who live on a fixed income. And regular home repairs or lawn maintenance is usually taken care of by the landlord, so renters do not have to worry about these common everyday issues.
In general, apartment complexes usually offer various amenities that are hard to find in neighborhoods. Features like swimming pools, fitness centers, and convenience to the city are major pluses of renting. There’s no need to drive a far distance to the grocery store or movie theater. Normally, you can walk to these areas from your apartment.
What are the Disadvantages to Renting?
Many renters feel as if they are wasting their money by paying rent each month. The amount of things you can do to your home or apartment while paying rent are limited and most renters must ask their landlord before they can make any changes, such as painting the walls or installing new carpet. Some landlords may not allow their tenants to have pets of any kind on the premises as well. With all these rules and guidelines, it’s hard to consider your rental a “home.”
Conclusion: Buying vs Renting
There are several advantages and disadvantages associated with both buying and renting a home. If you find yourself faced with making this difficult decision, you must try to figure out which circumstance is best for your current situation. Home ownership means the property is yours, and yours only. You get to personalize it any way you want and can be a great form of investment for the future. Renting a place usually entails being closer to the city and all its conveniences. Though the property isn’t yours, you still get to enjoy all its amenities. However, you can lose a return of investment over time (compared to owning a home).