Renting vs. Owning – A Look at Pros and Cons of Renting

Are you looking at moving out on your own? Maybe you are thinking of upgrading your one-bedroom apartment into a condominium or townhouse – do you know what’s better? It can be hard determining if continuing to rent is better than making and taking that giant leap into owning a home. Of course, there are many things to consider, from one’s budget to the housing market, these can sometimes dictate whether you are going to rent or buy.

To help determine whether you should rent, consider these pros and cons. Hopefully, you can make the best decision and investment.

Renting 

Looking to know what benefits come from renting?

Pros of renting include:

· Low Maintenance – As a renter, you don’t have to worry about any ground maintenance or repairs, as that is the responsibility of the owner. If you encounter any issues with your unit, you can contact the property owner and let them know what the problem is. To which it is then their responsibility to fix or address the issues.

• Mobility – When you rent, for the most part, you have the luxury of giving anywhere between two-weeks to 30 days’ notice before moving out. For the digital nomad lifestyle, this can be the best-case scenario as it means that they aren’t committed to having to stay in one spot. For some, having mobility is essential. Whether you move for work, family, or a relationship – mobility has many benefits as a renter.

• Affordable – Unlike buying a home, renting is quite affordable. For someone who may be moving out for the first time, or they just finished school and looking to enter the real world, renting is a significant first step. There are times when rent can be elevated, and this is in situations where the city or location is in high demand; however, if you are not overly particular, rent can be cheaper than most mortgage payments.

Cons of renting include:

• Lack of Freedom – With renting, you don’t have the luxury of decorating or making any modifications to the property. If you do want to make changes, you will have to change it back when you move.

• No Return – In the long run, renting doesn’t impact you or your asset value. For the property owner, you are paying their mortgage and, in turn, adding to their asset. Renting you are justpaying the property owner. For your part, you aren’t seeing the benefits, which can sometimes hurt your ability down the road to buy.

The next time you are looking to move out of your parents’ basement or venture on your own, consider renting as a great alternative and first step. You don’t require as much financial backing unless you were to buy a home. With leasing, you also have the luxury of relocating without any stressors. If you have a lifestyle or prefer to be traveling and are not ready to settle down, consider renting. There is ample flexibility, and it’s light on the pocket.

Whether you’re looking to buy or sell in the Kamloops area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Categorised in: Buyers, Kamloops, Real Estate

This post was written by kamloopshomesearchcom