Landlord or Landserf?

Most people dream of home ownership, but beware: it isn’t right for everyone, and not necessarily because of your income!

Since there are so many differing opinions, you might wonder, is it better to rent or buy?

What if you can afford to buy? Should you still consider renting?

The truth is, as with most things, the correct answer is it depends.

Weigh out the pros and cons of renting and buying a home. Think about your current situation and lifestyle: what works better for you?

Let’s take a moment and go over some of them now.

The Pros of Renting vs Owning

  • Less maintenance. There is so much maintenance when it comes to owning a home! Cutting the lawn, shoveling snow, fixing appliances, replacing major appliances, and making major repairs can add up to big bucks and lots of personal time gone. Renters can call their landlord – homeowners can’t.
  • More flexibility. Renters can give their landlord notice and be out the door in 30-60 days (if their agreement allows). Moving as a homeowner is a lot more complicated. Prepare for the red tape and cost of realtor fees, lawyer fees, and title searches. It’s a lot of money and backend work that renters don’t have to worry about – they sign a rental agreement and possibly book a moving truck.

The Cons of Renting vs Owning

  • It’s not yours. The money you pay your landlord builds their equity, not yours. It will never be yours, even if you have lived in the same place for 30 years. A landlord may also restrict how you decorate the home (painting, for example), and even the pets you have.
  • Up, up and away! Rents are at historical highs. If you don’t plan to move this might not be an issue, but if you hop from apartment to apartment every few years, you’ll feel the pinch quickly. A mortgage can have a fixed rate for years, and the expense is relatively predictable.

There are more pros and cons to consider when it comes to renting vs owning. A lot of it plays into what your long-term financial goals are. What you choose will greatly impact your future, and I’d be happy to discuss it with you.

Reach out at (330 836 7800 Ext. 1) or use my online scheduler https://go.oncehub.com/LeeHyder for a 15-minute consultation of your unique financial situation.