Depending on what stage you are at in your life, age-wise and financially, it may make more sense to rent than to buy a home. One of the biggest reasons some choose to rent over buying a home is the scare of financial strain. If you think you may not be quite ready to dive into homeownership, maybe renting is the way to go. So, what are the advantages of renting a home in Ohio? Here are a few details from Realtor.com…
First, let’s talk about who should rent and who should buy.
If you’re still relatively mobile, not sure where you want to settle down, may need to move for work, or aren’t making enough money to make monthly mortgage payments, pay taxes, etc., then renting may be a better idea than buying right now.
Now, what are the advantages of renting versus buying?
Renting a Home
Renters have fewer responsibilities than homeowners both inside and outside of the home. For example, if you are renting an apartment, townhome, or condominium unit, you are not responsible for lawn care or for making repairs to the outside of the property (including siding, paint, and the roof). Maintenance is responsible for taking care of the outside of the property, and they are also responsible for making necessary repairs inside. So, if your disposal stops working or you have a leaking faucet, someone else will take care of it for you.
Owning a Home
Owning a home requires a very long term commitment (at least as long as it takes you to pay off the mortgage or sell the home to someone else), whereas renters can make much shorter commitments. Many complexes offer 3-month, 6-month, 9-month, and 1 year leases, which is perfect for someone who may need to leave at a moment’s notice.
Generally, renting costs less per month than owning a home. However, in today’s real estate market this may not be the case! In some areas and situations owning is actually a better financial decision.
In owning a home, you make monthly mortgage payments, tax payments, payments for water, gas, and electric, you must make a down payment (which can be substantial depending on the price of the home), pay for closing costs, and much more. The costs of renting are pretty straightforward. You put down a security deposit, pay for rent, gas and electric, and sometimes water (but often times the cost of water is included in the rent). That’s it. So, if you’re not financially equipped to make all of the payments that come with owning a home, renting may be the way to go.
If you are trying to decide between renting and buying, call me! I am happy to help you get the information you need to make the best decision for you!