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Today, the number of American homeowners stands at just under 65%. That represents a slight decline from recent decades.
For many people, homeownership is still a key part of the American dream. But with house prices rising in some areas of the United States, lots of people are wondering if buying a home is still the best option. Both renting and homeownership have unique pros and cons that may suit different people and circumstances.
Are you asking yourself “should I rent or buy a home?”. Read on for a quick guide.
Renting a home is generally considered less desirable than owning property. But it’s worth noting there are certain advantages that come with renting. These include:
- Added flexibility
- Consistent payments
- No need to handle repairs or maintenance
Overall, renters have fewer responsibilities compared to homeowners.
In many states, a landlord can evict tenants at any time after a short notice period. This eviction could occur through no fault of the tenants. For example, if a landlord wanted to sell their property or move into it for themselves, they might need it emptied in a hurry.
Renters also lack control over their homes. They can’t make adjustments to the property without the express permission of their landlord. They may even be forbidden from pet ownership or bringing children into the property.
The key benefit of owning a home is the sense of security it gives. When you know you can’t be evicted by your landlord at the drop of a hat, you can set down roots and even think about starting a family.
Owning your own home means you can do pretty much exactly what you like with your property. At least, as long as you aren’t breaking any laws! But if you want to install a pond in your backyard, paint the walls a different color, or install a new kitchen, that’s totally up to you.
The main disadvantage of homeownership is the fact it removes freedom to move around. Selling a house and buying another isn’t as easy as just switching rental properties.
As a homeowner, you’ll also be on the hook for any repairs and maintenance you might need. And homeownership also requires a significantly higher down payment than moving into a rental home.
To Rent or Buy a Home? Why Not Both?
If you want to enjoy all the benefits of renting and owning a home in one convenient package, you could consider a best of both worlds option. Choosing a rent-to-own house allows you to pick the best elements of both rental and ownership.
Click this link to learn more about the benefits of rent-to-own houses.
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Choosing to rent or buy a home is a tough decision. But if you take your time and do plenty of research before making a final decision, you’re bound to make a good choice in the end.
We hope we’ve given you some important tips on whether renting or buying a home is better. Looking for more informative and entertaining online content? Check out our blog where there are hundreds more housing articles waiting for you to read.