Renting vs Buying a Home: The Undeniable Advantages of Both Options
If you know you want your next residence to be a house, the next logical decision is whether you want to either buy it or rent it. Although this may seem like a big decision, there really is no wrong answer. There are many advantages to either renting or owning a home, so the decision really comes down to which is best for you.
Keep reading this article to find the advantages of either renting or buying a home!
Advantages of Renting a Home
- Less of a commitment: Typically, when you buy a home, you’re looking to stay in it for the next few years. Rental contracts are usually just a one-year commitment, which gives you the freedom to move elsewhere once the year is up.
- Smaller upfront cost: When buying a home, there are more upfront costs required, such as the down payment on the house. The down payment of the home will typically cost you between 3.5- and 20%.
- Less of a responsibility: Maintaining a house takes a lot of work. If you’re not ready to deal with the day-to-day maintenance and upkeep of it, a rental might be the best option for you. Typically, the landlord and owner of the home will be responsible for the maintenance and upkeep of the house, appliances, and lawn.
Advantages of Purchasing a Home
- More freedom: When you’re the owner of the house, you’re able to do whatever you want with the property. If you want to knock down one of the walls to expand the kitchen, that is not a problem! Owning a house allows you to truly make the property yours.
- Ownership: One of the biggest pros to buying a house is that you are paying towards something you will own. When you rent a house, this is not the case. Once the mortgage is paid off, you will own the house.
- Take advantages of tax benefits: There are many tax-related benefits to owning a home. These tax benefits allow you to deduct the interest you are paying on your home from the mortgage payment on your tax return.
Keep Your New Home Organized with a Storage Unit Rental
Whether you are either renting or buying a home, you can benefit from renting a storage unit. Renting a storage unit allows you to drastically expand your storage space, which can keep your homeless cluttered. National Storage have both traditional and climate-controlled storage units for rent all throughout Michigan and in Dayton, Ohio. Minimize household clutter and reserve a storage unit with National Storage today!