Renting vs. Owning a Home Advantages and Disadvantages

A sold sign in front of a house

The choice of whether you should buy or rent your home is a big decision. While there really is no wrong answer, there is probably a choice that is more ideal for your situation. Are you trying to determine which option is better for you? Read below for a breakdown of the pros and cons of both options.

Advantages of Buying a Home

  • Ability to make the house your own: When you rent a home, you are limited with the changes you can make to it. Unfortunately, even if you want to make the most minor change, you are likely out of luck. When you own the house, you’re able to knock a wall out and make the kitchen bigger, add a deck onto the back of the house or repaint a room.
  • Working towards ownership: Long-term, buying a home is a better value. When you pay your rent, that money simply goes to providing a place for you to live. When you pay your mortgage, you are working towards one day owning the house.

Advantages of Renting a Home

  • Less responsibility for repairs and maintenance: When you own a home, you are responsible for any repairs or maintenance that are needed for the house. This means if the refrigerator goes out, you have to replace it. When you are renting and something goes wrong, you can just contact the owner of the house to get it fixed.
  • More flexibility: If you aren’t ready to be tied down to a particular area, renting may be a better option for you. Generally, renting leases are only 6 months to a yearlong. Renting a house allows you to more easily move when the time is right.
  •  Before buying your house, it is said that you should have around 20% saved up for the down payment. Depending on how expensive the home is you’re looking to purchase, it can take years to save up for this. While you will likely need a deposit saved up to rent a house, it will be nowhere near as expensive as a down payment on a home.

Storage for Renters and Homeowners

Many homeowners and renters are taking advantage of a storage unit rental. With a storage unit rental, you can easily store out of season items, large pieces of furniture and more in a location outside of your home. This helps to free up storage space in your home for items that are used more often.

Are you looking for a storage facility near you? Self-Storage Specialists has storage facilities all throughout Michigan, including in Detroit, Grand Rapids and Ann Arbor. Reserve a storage unit today!

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