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Article By: Kelly Kirk-Xu & Emily Stevens
“Home” can look different for everybody. Some people call a cabin in the woods home. Others call an apartment in the suburbs home. Some people live in transportable homes, while others have considered the same place home for generations. Want to know one of the most significant considerations one must make when looking for their next place to call home? That would be buying vs. renting.
Both buying a home and renting one out have a long list of pros and cons to offer. Walter the Vault is here to list a few to help you teach your child how to make an informed decision in their home-seeking process. It’s good to talk with your kids about “why” you’re making your choices. They will learn skills from your strategies and reasoning.
Buying can be an excellent option for some people seeking more control over their home decisions. Homeowners have more freedom in what you can do in a home you own than renters, like owning pets and decorating it as you please.
One of the greatest things about buying a home is that it is an investment that you can make work for you in the future if appropriately handled, offering tax benefits and a wealth of other great financial advantages.
This doesn’t mean that buying a home comes without its cons, though. Homeowners still have a list of issues to consider when buying. Home maintenance becomes your responsibility as a homeowner, which can certainly add up. This isn’t all that cost more than renting, though. As a homeowner, you will also have to pay property taxes, and mortgage rates may be higher than renting rates in certain areas. Buying a home is a great option for people looking to settle down but maybe a disadvantage for those who aren’t quite done roaming.
Renting a house can be convenient for those who are not in a place of their lives to settle in one area just yet. If you don’t intend to stay in your city for long, renting may be the best option for you. That is because rentals can be month-to-month, quarterly, or yearly depending on your landlord. You won’t be responsible for repairs or property taxes, although you will undoubtedly have fewer freedoms with things like owning pets and decorating.
Deciding whether to rent or buy can be deeply personal, and each one can come with different pros and cons for different people. There is no correct answer to which is best, just an answer that feels right to you.