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Buying vs. Renting - blog post image

Buying vs. Renting

Are you better off renting or buying a property?

Many people dream of becoming a homeowner, but this isn't ideal for everyone. Many factors can help determine whether or not you're ready to become a homeowner.

 

Monthly Payments 
Making monthly payments to live in a home that will never be yours may sound like a waste of your income, but it doesn't have to be. Renting gets a bad reputation simply because the space you're paying for isn't yours. However, if you're not planning to stay in the area for a long time or you don't have the financial resources to put towards homeownership, renting is ideal. While you rent, you will be able to save up for a home once you're in a more stable position.

 

Furry Friends
For pet owners, buying property can be less stressful than renting in at least one way. Many rental properties have strict no-pet rules that are impossible to get around. Once you've found the perfect apartment, you may be disappointed to learn your furry friend isn't welcome. As a homeowner, you set the rules, so there's nothing to worry about when it comes to your pooch.

 

Simple Maintenance 

If your day to day life is quite busy, you likely don't have time to take care of leaking faucets, faulty caulking around the windows, and cracks in the pavement. Luckily, if you're a renter, these types of repairs and maintenance tasks are taken care of by your landlord. As a renter, there is much less stress involved when it comes to maintenance, but this also means you don't have much of a say in home upgrades. As a homeowner, you will have to make time for repairs, but you also have full liberty to decide what upgrades and remodeling projects to take on and when to take them on.

Are you ready to purchase a home? Contact Bankers to see how our closing process can make buying your first home seamless.

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