Should You Rent Or Buy a New Home?

luxury homesA new house is the desire of many Americans it seems, with Zillow reporting that nearly half (48%) of buyers are looking for homes that have never been lived in. New houses may be the most desired in real estate unless you’re eyeing one of many luxury homes. But you don’t need to browse luxury homes to find a good one, there are all sorts of real estate options.

Instead of buying a home, consider renting one. Renting may seem less desirable than owning a home of your own, but there are a lot of benefits. One of which being that renting doesn’t require a down payment, just a security deposit. You also don’t have to worry about real estate taxes, or maintenance costs and repair bills.

Each one of these benefits has a tremendous upside, especially since they save you money in the long term. The lack of a mortgage on top of paying taxes on your property, and all the costs that go into keeping a home in good shape, all pay off.

But what about the reverse?

Owning a home is a great investment. Homes can appreciate in value with the more work you put into them. Adding things like a new roof, siding, doors, and other general improvements to the structure give a significant return on investment over the homes life-time. In fact, real estate is one of the many suggested paths people take when they have enough money to invest because renting out properties nets a good return.

There’s also the benefit of that home being yours to do with as you please. You can change all the aspects of the home, with no need to ask a landlord or to ask about restrictions. Do you want to add a new HVAC system? Go ahead. New bathroom? You can, it’s your home. Your property. You can’t do the same with a rented home, not without the homeowners express permission.

So while renting a home definitely has its benefits, so too does owning one. You don’t need to have a luxury home to have a home, you just need to make the one you do decide on feel like a home.

If you have any questions about renting versus owning a home, or just questions about real estate in general, contact us. We’ll be happy to help.