Is renting cheaper than buying is something many of us ask ourselves, today you can rent or buy a place to call home, but also you can get furniture and other things this way. We are going to discuss which option is our best choice, since you are reading this I presume you are interested in knowing more.
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Is Renting Cheaper Than Buying
The big decision for as long as I can remember is do we rent or buy, we are going to look at the advantages and the disadvantages when it comes to a place to call home. Gizmo has went both ways on this, and I will share my own experiences as well as provide you with the facts.
Buying a Home
- Control of your monthly payment
- Building equity
- Increases over time
- Turning home equity into cash
- Income tax deductions
- Awesome for your credit score
- Freedom to create your dream home your way
- Possibly homeowner health benefits
These facts comes from the website Lending Tree, which if you are not familiar with this company they make a living talking people into getting home loans from them. Everything they have shared are facts, now let us move on to the disadvantage next.
- High investment for a down payment
- Signing up for a long-term investment approximately 20-30 years for the majority of people.
- Home insurance is an extra expense to consider.
- What if you change careers or get transferred to a new location.
- With the economy the increase of the value of your investment is never a sure thing.
The advantages listed above was provided by the website The Zebra, you can use the link provided to read the entire article if you desire to. In my next paragraph, I am going to give you my own personal experience with renting and buying a place to call home.
Renting n Buying
Gizmo was a proud homeowner for over 20 years, as much as I loved owning my own home and property there were advantages and disadvantages you should be aware of. That is what I am going to share with you here, so keep reading to learn what I experienced over the years.
Owning a Home Considerations
Many couples when thinking about purchasing a home are not aware of everything that goes with it, one thing is you are adding more stress into your life by owning instead of renting.
- Home repairs is totally up to you, so this is important to consider with the high price of paying professionals.
- Property and school taxes are high, also they are never going to be less but will increase for sure.
- Home insurance is a must-have to protect your investment, so this is something many people forget to check on before buying.
- Will children be a part of your family one day, you might not realize the high expense of raising children until you start a family of your own.
- The average person changes careers several times, now what if you need to sell your home and still owe money?
- With property you are going to be shopping for home and yard equipment, this is another investment you might have not considered.
- How much time do you have to take care of your home and property, I was working full-time and when I returned home spending most of my evenings and weekends with home chores and repairs.
- As you become older and retire, who is going to take over caring for your home and property for you? Very few people retirement age are healthy enough to do this on their own, and at the same time their income is not enough to pay professionals to do this for them.
I really loved my home during my younger years, but once my sons grew up and moved away I was on my own. The house was way too large for me without children, and as I aged my health began to decline. This is just my own experience, I am not trying to persuade you one way or the other what to do.
Now to be fair, I want to share also with you my positive experience owning my own homestead. There are many benefits as well as negatives, so let us read how this experience was positive for me.
- Freedom to remodel my own way
- The luxury of having my own flowers and houseplants in my landscape design.
- Managed my property for nature and wildlife, you see being an animal lover this was important to me at that time in my life.
- Income tax breaks which caused me to have to pay less taxes to the government.
- Adding dogs to my family without having to beg my landlord for permission, many landlords don’t allow pets of any kind due to people allowing them to cause damage.
- Able to pursue my love for gardening, I grew my own food on my property which was a money-saver. It was more about the pleasure it gave me than the money at that time, so this was another bonus I am happy that I was able to experience.
You will find these are my own positive experiences when owning my own home and property, if I had it all over to do, I would more likely do it the same way. Being a homeowner is not for everyone, now really seriously consider your preferred lifestyle before you make this important decision.
In this section you are going to read about my experiences by renting an apartment, we will begin with the advantages and then the disadvantages from my own experiences. Gizmo does welcome requests from you, all you have to do is leave them in my comments section.
- With my apartment all my utilities are included, so what a stress reliever you might not realize this is when you are older in age.
- No more me having to fix things on my own, another advantage that has made my life much easier for me.
- My landlord contacts professionals at no cost to me, now no unexpected expenses to my own bank account.
- All my kitchen appliances are furnished, when one goes bad my landlord replaces them without me paying anything extra.
- One of the best things is no more paying home and property taxes, this alone has saved me much anxiety worrying about having the money.
This is how renting has been a positive experience for me in my older years, now we are going to read my negative experiences as well. You must understand both renting and buying have their advantages and their disadvantages.
- Anything I wish to do I must check my lease and get permission from my landlord.
- Instead of having property for a garden, I have had to start indoor gardening instead.
- I do have to have renters insurance, so this is an expense many renters overlook. You really should have this for your own protection, and this insurance is very budget-friendly.
- You must deal with neighbors that you might find difficult at times, since living in an apartment building this is the most stressful experience that I have encountered.
- Most landlords require you to sign a lease, so if you decide to relocate it can be stressful to deal with this problem with some landlords.
- When first renting you will be required a deposit, which usually is a double payment whatever you monthly rent will be. You do get this back if you decide not to sign a new lease and move, but this can be a problem for many people renting.
Now you have an idea of my own experiences with buying and renting, I am more than happy renting my apartment now that I am older in age. When I was young this was not appealing to me with my hobbies, by me sharing this I am sure it will give you some things to consider before making the big decision yourself.
What Can You Rent
Since we covered renting or buying a place to call home in ” Is Renting Cheaper Than Buying”, maybe you would be interested in more things you can rent instead of buying as well.
- Prom Dresses
- Photography Equipment
- Audio Visual Equipment
- Yard Equipment
- Party Equipment
- Camping Equipment
- Wedding Dresses
- Men’s Suits
- Water Sports Equipment
- Winter Sports Equipment
- Baby Equipment
- Automobile Rentals
Depending on how often you are going to be using these might determine if you rent or buy them, as for me, some things I prefer to own rather than renting them. For an example I just bought myself a Fan Air Bike, I just wanted to buy my own instead of renting this particular product.
Something to Think About
When comparing the two options, renting can often come out ahead for the majority of people financially. If you are living an active lifestyle going out and traveling buying might not be the best choice, but on the other hand if you stay home much of your free time buying just might benefit you.
Rent to Own Programs
Another option are rent to own programs, this is brand new to me so I can’t really share my own experience with you. Let us see what are the programs are available, and this will give you a place to begin if this interests you.
- The Home Partners Program
- The Divvy Program
- Dream America
Here are three highly recommended programs , and for your convenience , you can click here to learn more. If you found “Is Renting Cheaper Than Buying” helpful, please share it on your social media for Gizmo. This really will help more people get this information, so if this appeals to you, I thank you for doing this for me.
Resources of the Day
We are at the point in this guide for my resources of the day, I do this as a special bonus for reading my entire guide. You can learn so much on the internet, but many of you are missing out because you lack the time to do the research on your own.
Alright, we are good to go on with our day. I hope you found something new by reading “Is Renting Cheaper Than Buying”, you are more than welcome to sign up for my free email publication coming soon if this interests you. If not, no hard feelings we still are the best of friends.