Rent Vs. Buy: The Definitive Guide

It’s time to tackle the age-old question: should I rent or should I buy a single family home? For some, moving into apartments for rent in McKinney TX or another city, town, or village is absolutely what they’re looking for. For others, finding the perfect single-family home with a white picket fence in the best neighborhood is exactly what they desire.

Guess what? Some people will be ready to buy a home quicker than others. Other people may never want to own their own home because they love to travel, plan to move around a lot, or have other valid reasons.

With that said, we’ll now take a look at renting versus buying a single family home or Denver luxury home for your family. Use this info to determine if it’s the perfect time for you or not.

The Advantages of Owning a Home

Owning a home provides many advantages. For starters, as a homeowner you’ll experience long-term benefits as far as wealth creation is concerned. The longer you own your home, the more you’ll have paid off your mortgage. And eventually you’ll have major equity and a powerful asset that you own free and clear.

Buying a single-family luxury home also provides great freedom for your family. You do not have to follow the rules and regulations laid out by a landlord. You can use your property however you deem fit and no one can tell you otherwise because you are the owner.

Finally, you retain all creative control of your home. You can decorate it however you like, renovate it to your heart’s desire, and create the perfect landscape based on the vision in your mind and no one else’s.

The Disadvantages of Owning a Home

Some of us consider that the biggest disadvantage of buying a home is the additional financial responsibility. You’ll not only be responsible for paying your mortgage, you’ll also have to pay property taxes, water and electric bills, and expenses for regular maintenance, among other financial obligations.

Selling your home, may it a luxury home, a simple single-family home, or a rustic bungalow doesn’t guarantee you’ll make a profit. In the past, it seemed like everyone who bought a home gained equity and additional value. After the housing market crash in 2008, things often look very differently and millions of homeowners lost everything when housing prices plummeted.

You lose mobility once you buy a home as well. Although you can hire a long-term house sitter from time to time, in most cases, you’re no longer be able to travel the world at the drop of a hat. If you are an avid traveler looking for real estate properties to own, take your hobby into consideration.

The Advantages of Renting a Home or Apartment

Renting a home is a viable option for those looking for more flexibility. You may be the kind who needs to relocate quickly because of a sudden change in employment, or the kind that has a job that requires you to relocate a lot. Renting will give you the ability to find short, medium, or long-term housing without purchasing property.

As someone renting, you can occasionally afford to rent a home or apartment in a neighborhood that might be a little too expensive if you were attempting to buy a house and lot. Occasionally, tenants find a good deal on a rental unit in an excellent neighborhood that would otherwise be out of their reach.

The Disadvantages of Renting a Home or Apartment

As a tenant, you will often need to sign a lease agreement and honor all aspects of it. This legally binding contract will prevent you from altering the property in most cases, and it will also limit other freedoms that homeowners of single-family houses and luxury homes typically enjoy.

Rent amounts will fluctuate as time goes by. You have no control over these fluctuations. You’re either stuck paying additional money or you have to leave and find another home or apartment to rent.

Clearly, there are certain benefits to renting or buying a simple or luxury home in Denver and in most parts of the country. Decide whether or not you should rent or buy based on your personal situation and use the information shared today to help you come to the ideal conclusion.

Matt Metcalf is a Real Estate professional & Expert in many types of real estate and finance transactions.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store