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Renting or Buying: Which is a Better Option?

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Maybe you’ve been living in an apartment or rental home for a few years and you’d like to upgrade to a place with more rooms, more space, a better neighborhood or all of the above. Consider some of the pros and cons of renting versus buying to determine which option is right for you and your family.

Let's start with buying a brand new home!

Pro: Get a Home with the Features You Want

When you purchase a brand-new home, you can get one with the number of rooms that suits your family. Also, you can choose a ranch style home or one with two floors. If you build a home you have even more say in its design, size and appearance.

Maybe you really love the idea of having an office on the ground floor of your home. You can work for a while, then slip out to the kitchen for a quick snack! Perhaps you’d like a large pantry in the kitchen, a covered porch or a half-bathroom just off the foyer. Buying a brand-new place means you can get the features you really want.

Renting or Buying: Which is a Better Option? Equity ImagePro: Build Equity in a Home

Buying a brand-new home allows you to start building equity in the place. Alternatively, when you pay rent, there’s nothing to show for it at the end of your lease.

Pro: Decorate When You Want to Decorate!

Owning a home means you can decorate and otherwise make changes in your home any time you want. You can paint walls, replace window treatments, put down tile, install a skylight and more without needing anyone’s permission.

Pro: Choose a Home with Appealing Surroundings

Opting to purchase a brand-new home allows you to choose the type of lot you want to live on. A home on a corner lot may be appealing to you because of additional street parking. Or, maybe you want a house on a lot with a small front yard and an expansive backyard for barbecues, parties and other outdoor activities. It's your choice.

Renting or Buying: Which is a Better Option? Appliances ImagePro: You Are the First User of the Appliances

Do you want to be the first to use the dishwasher, refrigerator, microwave and stove as well as the washer and dryer in your new home? If so, then this pro will definitely make it on your list.

Pro: You and Your Family Start the History of the Home

After moving in, you and your family get to begin the history of the home. All of the additions to the family, holiday celebrations, gatherings and more will start to fill the pages of your home’s history.

Con: You Are Responsible for Making Repairs and Improvements

One con of buying a home is if an appliance breaks or another feature of your home needs repair, then you’re responsible for it. As a note, the appliances, plumbing and electrical systems in a brand-new home have no wear and tear. So, repairs are not likely to be an issue for a while.

Con: Selling a Home Can Take a Long Time

If you ever want to move to another area, selling a home takes longer than leaving a rented house or apartment. So, if you like to pick up and leave quickly, buying a home may not be best.

Con: A Mortgage Payment Can Be Higher Than a Rental Payment

Depending on what type of home you own, the mortgage payment can be higher than a monthly rent payment on an apartment or a house. That being said, when you buy a new home you're building equity and can put all that would-be rent money into your own home instead of someone else's pockets.

Now it's time to cover the details of renting a place.

Renting or Buying: Which is a Better Option? Moving ImagePro: Move Without Delay

Some people like the idea of renting a place because they can move out on relatively short notice. For instance, if you work in an occupation where you may be transferred to a different city, then renting is likely the favorable choice for you.

Pro: The Landlord Handles the Maintenance

A clogged toilet, a malfunctioning heating system or a broken refrigerator are just some of the repairs a landlord is supposed to take care of. So, if you don't like making repairs, renting may be an appealing option. Unfortunately, there are some landlords who don’t respond very quickly to repair requests.

Con: Your Rent Can Go Up Regularly

When you rent an apartment, the landlord can raise the rent whenever he or she wants. For example, a couple who go to renew their apartment lease sees that the new agreement includes a one hundred dollar raise in their rent. Their only choice is to leave if they don’t want to pay it.

Con: You May Be Forced to Move if the Property is Sold

If a landlord sells his or her property, you may be told to move out of your rental. Once again, the tenant has no control over this circumstance.

Con: You May Not Be Allowed to Keep Pets

A landlord can decide whether he or she allows pets in the rental house or apartment. Sometimes they do allow pets, but the tenant must pay extra for the privilege.

So, are you a buyer? Contact us today and let our knowledgeable staff help you find the brand-new home you’re looking for in Virginia Beach.

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Originally published April 10, 2019

Photo credits: keysequity, moving