Should I Buy Or Rent?

The purchase of a home is an exciting time for many home buyers, although taking this big step can be a little intimidating as well. Many people debate whether it is better to rent or buy a home. When it boils down to it, an individual will have to weigh their personal options and decide what is the best living situation for themselves. Your trusted team of real estate agents in Eldon, MO have broken down some of the pros and cons of buying and renting, to help you decide what is best for your personal situation.

Pro of Buying

1) Purchasing a home can offer long term security and help establish a stable environment for you and your family.

2) There is a potential of making a profit off of the sale of your home, down the road. Homes can appreciated over time, especially if you make upgrades and updates as you live in the house.

3) Creative control is another benefit of buying a home. The ability to make your space yours by decorating and painting with your personal taste in mind is an exciting task for most first time home buyers.

Con of Buying

1) There is a lack of flexible living options when it comes to purchasing a home. If you want to home, you will typically have to wait until your home sells to move to a new house, which can be a difficult feat depending on the market and your financial situation.

2) A homeowner has to pay their mortgage payment, otherwise they will lose their home, which can be damaging for all future loan purchases. It may be intimidating to take on this kind of financial responsibility.

3) As a homeowner, if something would break in your home, you will be responsible for the cost associated with the repair. The lawn and snow maintenance are usually up to the homeowner to take care of as well.

Pro of Renting

1) The ability to have flexible living options is a benefit of renting. When renting, you can move to a new location at the end of a lease, if you so wish.

2) Renters insurance comes at a minimal fee, and is the only insurance needed for someone who rents their home. This can allow for a more flexible income and spending or saving options.

3) There is usually little to no maintenance involved with renting. The landlord is typically in charge of lawn care and snow removal for their property, as well as any other home repairs.

Con of Renting

1) When renting, there may be rules that tenants have to obey. The landlord has the final say of what can and cannot take place on their property. Consent of the landlord is needed to make any changes as well.

2) The cost of renting can raise over time. Whether you wish to stay in the same location or rent a different property, the monthly rental payment may increase after the lease expires.

3) The ability to invest or build equity is not an option when renting. You are essentially paying your landlord’s mortgage payment, not investing in your own property.

Now that you have learned a little more about buying vs. renting, you will be better prepared to make a decision. Homeownership is not something to be taken lightly, but does come with a number of benefits. An individual who wishes to purchase a home near Eldon, MO should be aware of the advantages, as well as the disadvantages, that go along with owning a home. If you are ready to take the next step toward buying a house to call your own, contact Devine & Associates

Where Your Best Interests and Our Best Efforts Meet!

(573) 392-9900
203 E. 10th St., Eldon, MO 65026

(573) 207-8407
213 N. Main St., Laurie, MO 65037
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