Is it better to rent or buy? When it comes to your search for a new home it’s not actually a question. It’s a puzzle. Consisting of different pieces that uniquely go together to form an individual answer for each individual. While most people get pulled to the piece that weighs the cost of rent vs the cost of a mortgage, let’s put that piece aside today. Yes it’s important. But chances are you either have already considered it, or know that you need to. Remember, you’re more than your wallet. And there’s more to renting and owning than what’s on your balance sheet. Let’s focus on the matters of lifestyle and ask the question again, is it better to rent? Or buy?
Maintenance Vs Self – Expression
When you rent a home or apartment, most of the time the maintenance and the related costs aren’t your responsibility. A combination of laws and the importance of keeping the rental nice for future income make it the landlord’s problem. When an issue comes up you don’t have to solve it yourself or spend money to solve it. Allowing you to focus your time, energy and money on other things. It’s one of the best perks about renting and can play a factor in how you spend your free time.
On the other hand, renting your home means abiding by a rental agreement. Which can dictate what you're able to do with your space. Hate the color of the walls? Better check the rental agreement to see if you can change them without a financial penalty. Posters? Wallpaper? Pictures? Hanging a TV on the wall? All of that and more could either be dictated by the rental agreement or what furniture the rental provides. These are things you don’t have to consider when you own your home. Your only limit is your furniture budget.
Flexibility vs Stability
When you rent your home, it’s easier to leave. Moving is still hard, and potentially expensive, especially if you must break your lease early to do it. But if you need or just want to live somewhere else? While there are ways that homeowners can overcome this advantage renters have, it’s generally still easier to move in a hurry if you’re renting.
But what if you plan to stay where you are for a long time? Maybe even for the rest of your life? If that’s the case, being subject to the challenges that come with lease renewals, changing owners of the property, or even moving every couple of years, doesn’t sound all that great, does it? Owning a home eliminates some of the uncertainty that you might experience when renting. Giving you the long-term stability you may want to achieve your goals.
Amenities vs Utilization
Many modern rentals will offer an array of amenities to help make you and your neighbors feel more at home. Amenities like virtual putting greens, theater rooms, swimming pools, fitness centers, and co-working spaces are common in newer rentals. Helping set themselves apart and create an important sense of community. These spaces can give you better opportunities to socialize with your neighbors, your friends, and your family. Significantly increasing your overall quality of life.
If you use them. While when you own your home, you get to give yourself more amenities you and your family will use. Yes, you’re still limited by the physical space of your home. But having a home office that you don’t have to share with your neighbors is nice. Or giving yourself the glorious study of your dreams. Owning your home will allow you to have everything you frequently use, and nothing you don’t.
Renting isn’t necessarily a bad thing. And for some lifestyles it might even be more attractive than owning a home. But if the lifestyle advantages of homeownership do appeal to you, we at Garbett Homes encourage you to buy a home if you’re able. And if you aren’t able, start putting plans in place to make your dream happen. We look forward to helping you with that journey and encourage you to check out our communities in Salt Lake City, Millcreek, Midvale, Murray, and Wasatch County.