Choosing whether to buy or rent a home is a big decision, and both come with a fair share of pros and cons.
Owning a Home
There are several major pros to owning your own home. First and foremost, if you own your home, it is entirely yours to make changes to match your desires. Whether you are moving into a previously occupied home or building new, you can choose everything from the wall paint color, to the landscaping to the kitchen appliances.
Another benefit of owning your own home is that you are building equity. Unlike renting, all of the payments put towards your monthly mortgage and upgrades is going to offer a return on investment in the end. When you are ready to move out of your home, all of the money you put in has the potential to be paid right back to you.
One of the downfalls of owning a home is that depending on the current market, you may or may not be able to find homes for sale in Suffolk VA in your desired location and price range. While you may decide buying a home is the best decision for you, unfortunately, the effects of supply and demand may impact your ability to actually find a home.
Another con of owning a home is that the initial upfront costs for a down payment can be hefty whereas renting may only have a one or two-month deposit required. Depending upon your financial situation, the ability to front these costs may or may not be feasible.
Renting a Home
One of the major pros of renting a home is having minimal liability for the home and its contents. For example, if you are renting and the dishwasher breaks or the roof needs to be replaced, the landlord will be responsible for taking care of the issues.
Another benefit of renting is that you most often have access to community amenities such as a pool, gym and lounge area.
Unfortunately, one major con of renting a home is that not all landlords are good people. You may find yourself with a lease that does not match up to what was promised or you may go several days without air conditioning if you are waiting on someone else to take care of the problem.
The good news is, there is no right decision when it comes to choosing whether to rent or buy a home; all that matters is that you make the decision that makes sense for you and your family.