Renting vs Buying a Home: The Advantages of Both Options
Posted on: February 9, 2020 |
Are you considering moving into a new home? Living in a house over an apartment has a lot of benefits. But, before you can move in, you have to decide whether you want to buy or rent the house. Each option has its own perks, and really the right choice comes down to your unique situation.
Household Rent vs Buy Analysis
Trying to decide whether to buy or rent a home? Read below for a breakdown of the advantages of each option.
Advantages of Buying a Home
- You can make the house your own: When you rent a house, you’re limited with what you can change. While some landlords will allow you to change the colors of the paint as long as it’s painted back to its original color once you move out, others won’t. A lot of the times, what makes a house a home is the personality you add to it. When you own the home, you’re able to knock down the living room wall to expand the kitchen or add a deck onto the back of the house.
- Better investment over time: While buying a house is more expensive outright, overall it really is a good investment. As you pay your mortgage, you’re paying into something you’re eventually going to own. Additionally, there are great tax benefits with owning a house.
- Pride of ownership: For many people, owning their home gives buyers a sense of pride. It’s common for homeowners to take pride in their community and want to be more involved. This can help to build relationships with neighbors, local business, other community residents and more.
Advantages of Renting a Home
- No maintenance costs: When you’re a homeowner and the water heater breaks, or the roof gets damaged, you’re responsible for the repairs. This is a huge perk for renters, because as long as the damage wasn’t caused by negligence or their action, the renter is likely not responsible.
- More flexibility in mobility: When you rent an apartment, you’re free to move as soon as your lease is up. For homeowners, moving is a little more complicated. The flexibility of renting a house is a huge perk for a temporary living situation.
- Less initial cost: There are many costs associated with owning a house. For example, a down payment on the house is required, which usually costs between 5-20% of the purchase price. When you rent an apartment, you likely have to pay a security deposit which is usually refundable pending any damage.
Spaces Has Household Storage Solutions
If you’re planning a move, you may benefit from a household storage unit. Leading up to a moving day, many people rent a storage unit to store boxes that have already been packed. This minimizes the amount of work you need to do the day of your move. Once your move is over, your storage unit can be used to hold seasonal items you don’t want cluttering your home.
Spaces Self Storage has a storage facility in downtown Toronto. To help to minimize the risk of temperature damage, our storage facility is fully climate controlled. Reserve a storage unit with Spaces Self Storage today!