Renting vs. Buying: Pros and Cons
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Hey everyone, I'm Rachel Clark. Today. I'm going to go over a few pros and cons of renting versus buying. In my opinion, buying is a great investment to your future.Â
Renting: Cons
You really have restrictions of making the home yours. So depending on your landlord, you can maybe do minimal changes to the property, but when you do leave, you have to leave that property in the same condition or better from when you first moved in. Another con is let's say you're maybe spending a thousand dollars a month on rent. You're there for five years. That's $60,000. Once you leave, you have nothing to show for that $60,000 that you essentially gave or paid to your landlord.
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Renting: Pros
Now a few pros of renting is that you're essentially not tied into a 15 or 30 year mortgage. Another pro is that you have a lack of responsibility when it comes to maintenance of that property. Not saying that you shouldn't take care of it, but say if the AC or washer dryer or the dishwasher fizzle out, your landlord is responsible to make sure that you are in living conditions in the property that you are renting.Â
Buying: Cons
First off, a down payment for a home is substantially bigger than what you would be putting for a deposit for a rental. Another con is that you are now responsible for that property. If you have a roof leak, if your HVAC breaks, you're responsible for that cost. My suggestion is that you put sort of an emergency home fund aside monthly, whether that be $50 a week or $50 a month, just to make sure that you're starting to build that cushion and protection, if something were to ever happen.Â
Buying: Pros
Now, moving on to the pros of owning a home. One pro is that you can make this home your own. You have the opportunity of building a future in this home.
Another pro is that you are investing in your future. That means that you're building equity in your property. Also, essentially, meaning you're putting money into your pocket.
Another great pro is that you as a homeowner can have some awesome tax benefits of owning a home. Once you do purchase your first home or you purchase a home, make sure you speak with your accountant so you can see what those tax benefits are.Â
So I hope those pros and cons were helpful for going forward as a renter or a buyer. If you have any questions, please don't hesitate to reach out!
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Rachel Clark
Hi, I'm Rachel!
As a Tucson native, I have been fortunate enough to experience everything Tucson has to offer! I love being able to speak to people on a daily basis who are either looking to move to Tucson or are fortunate enough to already live here! You can reach out too. Send me a text, give me a call or shoot me an email. I'm here to help however I can when it comes to moving to Tucson!
