It’s an age-old debate. Buying vs. renting, which is better? The truth sways depending on who you ask. You see, the answer is determined by a number of key factors, and it’s based on your unique situation. Fortunately, we’re here to stop all of the confusion. We created this simple article and it’s chocked-full of the biggest pros and cons. So, if you want some rock-solid guidance about the differences, look no further. All the details are below.
Stability vs. flexibility
Buying a home has fewer surprises than renting. By purchasing your home, you have the option to stay there the remainder of your life. When you rent, there is less stability. While some consider this a con, others like the option of being able to move around. When debating about buying vs. renting, you have to ask yourself, how long do you want to stay?
Home improvement costs
Depending on your renter’s agreement, you may have zero home improvement costs. On the other hand, when you buy a home, you accept the responsibility of maintaining it.
Many argue that owning a home is a way to build life-long equity. When you rent, you do not get that opportunity. While this is true in most cases, you also have to look at the hidden costs. Was the market high or low when you purchased your home? Does it have a good APR? All of these considerations take place when thinking about if one should purchase a home. If your credit needs help, chances are it will take longer to build equity since your interest rates will be higher. Sometimes it’s better to wait a few years and take advantage when the rates are more in your favor.
Buying vs. renting is a big decision, and it should not be answered lightly. Whichever method you decide, know that Achieva is there to help. With an option to bank at over five thousand shared locations, nationwide, your home, whether buying or renting, will never be too far away.