That is the question. Most prospective home buyers/renters have trouble deciding which of the two options is best. There’s not a better option between the two; both can prove more beneficial for an individual or family for different reasons.So, how do you know which option is right for you? Here are the benefits of both:
Renting provides a more immediate and affordable option for those who are still saving up to buy a home. There are significantly less maintenance or repair costs with renting; typically, any repairs that need to be made are paid for by whoever is leasing the home to you.
In addition, as a renter, you are not responsible for paying property or real estate taxes; that is an obligation for the homeowner. Another benefit to renting is that you do not have to put down a hefty down payment compared to actually purchasing a home. While the individual leasing the home to you may still require a down payment, it is normally quite small in comparison to buying.
Becoming a first-time homeowner is a huge milestone, and offers many benefits to those who invest in it. For one, you are better able to customize your home to tailor your lifestyle and needs. This may include removing walls to increase a room’s size or complete renovations, things that you normally are not allowed to do in a rental.
Although owning a home seems expensive once you add up the costs, another benefit it offers is the fact that you can use it as a source of income. Many homeowners opt to lease their home or rooms within their home to renters in order to earn extra money. In addition, fixed mortgage rates allow homeowners to peacefully make payments on their home, without the worry of increasing or fluctuating rates due to inflation or interest rates.