I have a lot of single friends, and many of them prefer to rent. I can’t fathom why. To me, renting is akin to throwing your money to the wind. In my opinion, it is always preferable to buy a home as opposed to renting one. Buying puts you in control of the way that you live.
Should You Buy or Continue to Rent?
You don’t have a landlord breathing down your neck, and you can certainly decorate your home any way that you want without worrying about lease restrictions. And you have something to show for your money. If you rent, you are just paying for a place to store your stuff and a roof over your head. Your hard-earned money paid for rent becomes some landlord’s income stream.
I rented for many years, and for those who have had the pleasure of living life on someone else’s terms because you are living in their home, you know far too well how restrictive that it can be. The property manager for one home that I rented required me to sign a lease that was, literally, as long as my arm and that spelled out virtually any possible scenario that might result in my eviction. Had I not had an urgent need to find a home to rent at the time, I would have probably kept looking. Needless to say, when the lease was up on that home, I moved out.
When I bought my first home, it was like a great weight was lifted off my shoulders. Even though it was a modest home, and by no means my (or anyone’s) dream home, it was mine, and I knew that as long as I made my payments each month, no one could tell me what to do within its walls. There is so much freedom in owning a home, and home ownership gives you a sense of accomplishment. When you plunk down hundreds of dollars each month or more, your money is going towards something that you will eventually own outright. Now that’s something to be proud of!
That’s not to say that renting can’t be great for some folks. Some people like to move frequently, or their work requires that they move from town to town, or even state to state. I can see how renting makes a lot of sense for those folks. I’m not that adventurous.
Other people aren’t completely ready for the financial commitment of buying a home. To those people, I like to say that buying is often a cheaper route than renting. Or should that be that a rent payment is sometimes higher than a mortgage payment. Do the math.
Nonetheless, those looking to make home ownership a reality also need to factor in other costs that will be associated with their new status as a homeowner. For example, right now you are paying rent and utilities. If you buy a home, you will be paying a mortgage payment. But you will also be paying for homeowner’s insurance, taxes, repairs, maintenance, and in some instances, homeowner’s association fees. Still, your money will be going towards something that you can, at some point in the future, label as yours and yours alone. If you can afford to become a homeowner, do it!
This guest blog was provided by Allison Klein who specializes in helping home buyers find great homes for sale in Fort Collins and other areas including Loveland CO homes for sale and Windsor CO homes for sale.
