While the thought of owning your own home may seem like the ultimate American dream, it’s not always right for everyone. That’s why it’s important to weigh the pros and cons of renting vs owning when you are trying to decide which is a better option for your family, and your lifestyle. That’s why Syringa Property Management would like to provide you with the following benefits of renting vs. buying a new home.
Owning a home isn’t as immediately profitable as it used to be. With so many banks and financial institutions requiring large down payments and high interest rates (not to mention an expensive real estate market), it can take much more time to turn a profit than you might expect. If you are working on a down payment, you may want to consider renting a little longer while you save a little more. This can help you afford a bigger, better home in the future if you have a little more money to put down.
Save Time & Stress
While there are certain things like general maintenance and lawn care that you may be responsible for as a tenant, being a homeowner comes with much more responsibility. When you own a home, you are solely responsible for any repairs and replacements of expensive appliances. You can’t simply contact your landlord or property management company to have things taken care of. As a homeowner, it can cost hundreds, even thousands of dollars each year in basic upkeep. If you aren’t prepared or able to spend that much, renting may be a better fit for you right now.
Taxes & Insurance
Renting vs. owning your own home saves you money on taxes, insurance, and high mortgage rates. In fact, you can save money each month by renting and paying for much lower rental insurance. This will allow you to continue to grow your savings until it’s the right time for you to buy a home.
Freedom & Flexibility
Renting provides you with freedom and flexibility that owning a home can’t. Unless you are fully invested in staying in your home for years, renting provides you with the opportunity to relocate without consequence. New jobs, wanting to live somewhere else, or even moving back to where you grew up is much easier without the need to sell your home or find tenants to rent to.
Syringa Property Management
While owning a home is something many of us strive for, it’s important to make sure it’s the right time and place for you to make that decision. Renting offers a wide variety of benefits that shouldn’t be overlooked. You can save up for a good-sized down payment as a happy renter, and wait until the perfect time to buy falls into place.
If you are looking for an apartment for rent, Syringa Property Management is your team of management professionals offering superior tenant services. With our knowledge and expertise, we promise to provide the best housing environment for you. If you are interested in renting an apartment from us in Arizona, Idaho, Montana, New Mexico, North Dakota, Oregon, Washington, Utah or Wyoming, contact us today to learn more.