Renting vs. Buying: What Are the Pros and Cons?

The lease to your apartment is coming to an end and you find yourself faced with the choice of signing another year long lease, or apartment hunting again. But have you thought about starting your journey to owning your dream home? Owning a home can be a big decision to make, but it can also be a worthwhile one.

Big decisions should be made on an informed basis and, of course, Luminate is here to help!

Benefits of Renting

Before we jump straight into the benefits to owning a home, let’s take a look at why some choose to rent.

1. Flexibility

Signing a lease for a year requires minimal commitment and allows for more room to relocate if needed.

2. Maintenance

This is one of the biggest draws to renting. If something breaks or goes wrong in your apartment, the landlord pays to fix it, not you!

3. City Living

Home ownership and city living don’t tend to work together well unless you are buying a condo (which can be pretty pricey). So, many people who want to live in the city tend to rent instead of buy!

4. Amenities

Many apartment complexes offer amenities like shared spaces, pools, gyms, etc.

5. Lower Utility Costs

Most apartment complexes only require you to pay for your gas, electric, and internet; whereas owning a home comes with many more utility expenses. 

Benefits of Buying a Home

Now let’s take a look at the many benefits that come along with buying a home versus renting. Here are just a few:

1. It’s an investment.
2. You get to make it your own. Many landlords don’t allow major (and sometimes even minor) changes to the interior of your home. That includes paint colors, hanging larger fixtures, or changing other design aspects. Buying your own home ensures that you get to make it completely your own!
3. You don’t have to pay pet rent. Most apartments require you to pay a deposit, cleaning fee, and a monthly ren payment if you want to bring a furry friend into your home. Those costs can add up fast.
4. Mortgage costs stay the same while rent payments rise.
5. There are many tax benefits you can receive if you own a home.

The decision between renting or buying can be a hard one to make. But our team at Luminate is here to support you on your journey to owning your dream home. So whenever you’re ready to buy, we are ready to help! 

Get in touch with us!