Well, both of these options have pros and cons. It all depends on the individual situation, and what one wants to accomplish in life. Some people rent all their life and they are perfectly fine, and some can’t imagine not being homeowners.
Modern Times Homes has been buying and selling Rockford properties for a while and we learned some pros and cons of both buying and renting.
If you are a person that moves a lot for work or for other reasons, it is a better option to rent. When you decide to move again you don’t have to worry about taking time to sell your home, rather you just pack your stuff, and tell your landlord you are not planning to extend your lease.
Also,when you are renting and something breaks, all you have to do is call your landlord and he will be responsible for paying for the repairs. Another pro for renting is that when you decide to get a place you don’t have to have a huge pile of cash. You just need savings to be able to pay deposit and first month rent, which is typically a lot less then you would need for down payment.
One of the cons for renting is that rent annually increases. So each year you will be paying more and more. Also, if you decide to rent, you are not building yourself equity. Another con for renting is that when you get tired of your bathroom or kitchen there is nothing you can do to change it. You would have to talk to your landlord and ask if he is planning to do some updates to the property.
If you decide to become a homeowner you automatically build yourself equity.Also, when you are the homeowner you can do whatever you want to your property. You can do updates, paint it and a lot more whenever you feel like it. Of course, doing so is expensive but you don’t have to ask anyone.
Some of the cons for being a homeowner are that you have to pay for the maintenance. So when anything breaks you are responsible for taking care of it by yourself or by calling a service to fix it for you. When becoming a homeowner you have to have a lot of savings to pay upfront for down payment. Last but not least, property taxes. No matter what, you will have to pay it every year, and they usually go up each year.
Hope this helps you decide if you want to rent or become a homeowner.
Also, if you or anyone you know wants to sell their house fast, give us a call at (847) 242 2212 or fill out a FORM. We buy AS-IS (no need to update your house) and we pay cash.