In our most recent blog, we talked about buying your first home. In short, it’s a long-term investment that you should feel great about! However, it’s quite common for many people to go back and forth on one huge decision: renting vs. buying. Is buying a home actually best for you right now or should you continue to rent? Well, both situations have their own respective pros and cons. Let’s talk about your possibilities so you won’t feel stuck when the time comes!
Renting: What You Need to Know
Maybe you don’t like to keep your feet planted in one place for too long. Or, maybe you move from city to city for your job. In that case, renting an apartment, townhome, or even a small single-family home can be a great option for you!
Pros
One of the biggest benefits of renting a house or apartment is the flexibility that comes with it. You can get a short term lease, avoid property taxes, and won’t need to come up with a large lump sum for a down payment as you would on a house. Additionally, some renters tend to use their rent payments to help build their credit. If you aren’t able to do this, you can still do your best to make your payments on time, build up your credit score, and ask your landlord to provide you with a good credit reference when the time comes to buy.
Cons
While renting sounds very simple as it comes with less responsibility, there are a handful of serious risks you will want to consider. Just because you agree on a certain monthly rent amount with your landlord for one term doesn’t mean that it will be the same amount if you renew your lease. Your landlord may increase your rent by a few hundred dollars, which may or may not be out of your budget. Then, you will have limited time to find a new place that meets all of your needs that is still in budget.
Not only that, but your landlord can also decide to suddenly sell the property that you live in. On the same page, they also do not have to renew your lease. This uncertainty along with an overall lack of control is a real deal-breaker for most.
Buying a Home
At Sanders Real Estate, we love to educate our clients on buying and selling homes. We’ve broken down the buying process a few times, but let’s talk about some benefits and drawbacks.
Pros
When you choose to buy a home, you are choosing to build your equity over time. Many homeowners also take pride in having more control over what they can and cannot do in their home. This can be as simple as painting the walls and having multiple pets or as complex as not having to pick up and move every 12-24 months!
Besides that control and equity growth, the long-term stability one receives from buying a home is truly rewarding. With consistent payments from a fixed-rate mortgage, you won’t have to worry about your payments shooting up and greatly affecting your budget. This, in turn, allows you to have more stability overall with your other responsibilities. In today’s economy, what else could anyone ask for?!
Cons
Of course, we don’t want to tell you the highlights without describing a few drawbacks. Purchasing and owning a home comes with great responsibility! Firstly, this is a huge investment. You will want to make sure that you have the finances, currently as well as a stable income, to handle any fees and costs with buying and closing. Additionally, be prepared for if something breaks! It will be up to you to fix any appliances or major damages that pop up versus getting to put in a maintenance request as you would in an apartment or rental home.
Feel Confident in Your Decision With Sanders Real Estate
All in all, buying a home is a great decision if you are ready to settle down and have a good, steady job. There are so many homes available here in Augusta, Evans, Martinez, Grovetown, and even North Augusta for you to discover! While here at Sanders Real Estate, we do not assist with home rentals, we are always your biggest advocate when it comes to buying a home! In the end, want you to feel comfortable and confident. If you need assistance with figuring out your options on renting vs. buying here in the CSRA, give us a call. We can help you find what works for you and help you work towards that long term stability that you’ve been craving!
