In the real estate world, one of the age-old questions out there is whether it is better to buy or to rent. While both have their merits, there is something right for everyone, and no one-size-fits-all tactic applies. Today, we invite you to join us, as we go over some of the pros and cons to renting and buying to help you make your decision when the time comes around!
With the surge of millennials entering the job market, a correlation with an increase of renters have been notede by several experts in the real estate field. One of the main reasons as to why more and more millennials are renting is for a very good reason—mobility. When renting, you have the ability to get out of the deal relatively quickly, which can help if your job requires you to move or if you find that you like the ability to not be tied down. In addition to this, saving money by renting in the short term can be very enticing as opposed to having to pay a mortgage every month. However, renting may not be the optimal idea in the long-term, as there is no way for you to gain equity in your home, where you could be doing if you buy. Overall, renting is the best case scenario for those who feel as though they need to have flexibility and mobility, but should not necessarily be carried into the long term.
On the other hand, buying a home has many merits, investment opportunity aside. While yes, buying a home can be the largest investment some people will make and provides for a very secure nest egg for retirement, owning a home comes with a sense of merit, as you have something that is truly yours. Now, there are many costs of owning a home that go into it than just the sale price or the mortgage payment being due each month. As a homeowner, you need to be prepared to deal with any home issues that may arise on your own, either with your expertise or your bank account. This can become much more demanding as the home gets older, but many people find that it is worth it. If you find yourself as someone who is looking to settle down, make a large investment, or even someone who is good with their hands, then buying a home may be for them.
Now, even with this basic list of pros and cons, there is still so much more that goes into the decision, and it is often a case-by-case basis. Thankfully, we here at American Dream Realty of South Jersey are experts in both sides of the market, and can help find out what is best for you. Whether you’re looking to make the leap and buy a home or just get into a rental, stop on in and see what we can do for you!