Buying VS Renting: Which is Best?

Posted By Andrea Robinson
October 13, 2022 Category: General

Most people’s ultimate dream is to own a home they can call theirs, but the market is proving to be more difficult than it was 10 years ago. As a result, many are renting instead of buying as they wait for rates to lower. But is the cost of renting in the meantime really worth it?   Here are the pros and cons of renting and buying right now:   Pros of Buying A Home   You build equity. Every penny you put towards the principal of your home is money you get back when you sell your home.   An excellent long-term investment. In addition to the money you can get back from the sale of your house from the principal, your home gains value every year. Throughout 10, 15, or even 20 years that can come up to a lot of extra cash in your pocket once you sell.   It’s yours to renovate. You don’t need any landlord’s permission to renovate or redesign anything in your home. You own the property so you call the shots.   Cons of Buying a Home   Cost of maintenance. When unexpected repairs or maintenance costs pop up, you have to foot the bill as you own the property.   Less mobility. If you have a new opportunity across the country, it’s not as easy to pack up your bags and leave. You’re at the mercy of the current market when it comes to how long it may take to sell your home.   Increased monthly payments if interest rates go up. Your interest rates are locked in for a