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Is It Better to Rent or Buy a Home?

Ah, the age old debate of buying versus renting. Although the market seems to be always shifting, most of the time, buying seems like a better option. However, the real answer lies in you and your family’s unique situation. As the greater Richmond Hill area is home to many military families, buying isn’t always the best option. To remedy this infamous question, here are a few benefits of both buying and renting.

Benefits of Renting

1.  No Long-Term Commitment

As we mentioned earlier, renting is usually the best choice for military families. You’re able to find year-long contracts or (if you’re really lucky) a flexible, military friendly contract.

2. Less Cost to Leave

When we say “cost” here, we’re referring to not only the price (although this is subject to change depending on the house, location, and market stability), but also the ability and effort it takes to leave a home. For renters, you negotiate within your contract and with the landlord/real estate agent, whereas people selling a home are at the whim of the market.

3. You Have a Landlord

Although it might sound like a small thing to consider when looking at renting versus buying, having a landlord to take care of the maintenance and repairs of a home is actually a real benefit of renting. Sometimes this maintenance will also include lawn care.

Benefits of Buying

1. Long-Term Investment

Perhaps the most significant benefit of buying rather than renting is simply the long-term monetary investment. Buying a house is usually the best option when you’re positive that you’ll be in a home for 5-7 years, which is a long enough period to get back the upfront costs of purchasing the house (such as the agent’s commission).

The investment in a family life is another long-term aspect. Home buyers are looking for their own private space, flexibility to really make the house their own, and a place for their family to live and grow.

2. Building Wealth

Another benefit is the “ability to deduct your mortgage interest from your taxable income,” states Mortgage Reports. When buying a home, you can build your savings through earned equity; you can also build a solid credit history by paying off a mortgage.

3. Often More Affordable Option

Recent reports are showing that buying a house is the better option in the 2017 market, but we all know that this market is subject to change due to a variety of factors. Generally speaking, purchasing a home is typically a more affordable option, in terms of monthly payments as well as the other monetary benefits that you’ll receive.

If you’re interested in learning more about the homes for sale or renting options in Richmond Hill, GA, give Maureen Bryant a call! We can help you figure out just what direction you and your family should take, and then work as quickly as possible to find that perfect home.