You have to live somewhere. Housing costs are unavoidable. You either have to pay a monthly rental fee or you have to purchase your home outright. In the latter case, you’ll need to pay your mortgage or come up with enough money to cover the full costs.
For many people, owning a home is part of the American dream. It gives you a sense of freedom. However, that doesn’t mean that everyone should try to be a homeowner. There are stressors and inconveniences involved. Renting may be more enjoyable in your situation.
Let’s say that you’re looking at downtown detroit apartments for rent. You can find a spot that’s charming, ideally located, and fits your budget. There are far fewer things to worry about when you’re a renter. If there’s a problem with the property, it becomes the landlord’s responsibility.
Are you wondering if you should rent or own? We created this list to help you out.
Benefits of Renting
Renting is a breeze. In some situations, you might be able to stroll onto a property and sign a lease on the same day. You can agree to a month-to-month arrangement, a year-long lease, whatever you want.
In addition to flexibility regarding your move-in and move-out dates, you have a lot of freedom as a tenant. Toilet stopped working? It’s not your problem anymore. Your landlord has to fix it for you.
Apartment complexes are often flush with amenities. You get to enjoy them without contributing labor to their upkeep. A nice, plush lawn actually takes a lot of work maintain.
As a renter, you have rights. If there’s a disagreement between you and your landlord, you can’t be pushed out onto the streets with no warning. In most states, breaking the lease carries consequences, whether it’s the tenant or the landlord who initiates the breach.
Drawbacks
Of course, there’s a reason why some people decide to get out of the renting game. The main drawback is that you’re not building up equity. You don’t own the property, despite paying large sums.
Because you don’t own the property, you’re at the whim of your landlord. They can’t kick you out or raise your rent without warning, but they can do it. You can never feel completely secure in your housing unless you’re in a rent-controlled situation.
Read more: How to budget your apartment
Benefits of Owning
Owning your home is a dream shared by millions of people. Most people’s wealth is tied to their home. In addition to a sense of pride, being a homeowner gives you a sense of security. You have a safety nest to retreat into if something ever happens.
The freedom you have as a homeowner depends on your neighborhood. Some neighborhoods are regulated by strict homeowner’s associations. They control everything about your home’s appearance. If you don’t have an association to worry about, you can do whatever you want.
You can design your space so that it exactly suits your needs. You can control your costs easier than if you were renting because you don’t have to factor in a greedy or capricious landlord.
Drawbacks
If you settle on a property that you ultimately don’t like when you move in, or if the neighborhood changes, it’ll be difficult to leave. Selling your home is much more difficult than finding a new place to rent.
The extra responsibility may be too much handle. All of the problems on the property are yours to deal with. If you’re very busy, you may not have time to oversee a lot of home improvement projects.
You don’t have to pay rent if you own your home but you may have to deal with a mortgage. If you’re unable to keep up with your mortgage payments, you could lose your home. Foreclosure is often very stressful.
See more: Studio apartment vs 1 BHK flat
Final Thoughts
Your decision to rent or buy is based, at least in part, on your budget. If you don’t have enough money to buy, you’ll have no choice but to rent. If your budget is flexible, however, you can choose whichever option suits your needs. If you enjoy the perks of an apartment community but don’t want to have to worry about taking care of an entire house, you can look at buying a condo.
Both options have a long list of perks and benefits. Ultimately, your choice depends on what’s important to you. Is being a homeowner an important value for you? If it’s not, then you should really weigh the value of renting instead.
