If you’re thinking of moving out on your own for the first time or you and your spouse are thinking of relocating you may be asking yourselves “Should we rent or buy our home?” That’s a really good question and one that several people ask themselves when they’re in the market for a new home.
As you know I love renting. Last October Nick and I moved into a new apartment and although it’s not perfect, it’s a definite upgrade from our previous rental. However now our one year lease is coming due and we have to decide if we are going to continue renting or if we should take the plunge and buy our first home. What do you think?
There are pros and cons to both renting vs. buying. I have been a long time advocate of renting because of the carefree lifestyle and lack of responsibility. However we are now learning that maybe buying a home is the way we should go because renting (at least this rental) comes with a lot of baggage.
Dealing with a landlord
Normally I would say that this is a major benefit to renting because when you have a landlord you have someone to fix everything in your apartment and take care of the routine maintenance and upkeep. However at this particular moment in my life I would have to say that dealing with a landlord is a terrible pain in the butt.
Our landlord is totally shady and has a used-car-salesman quality about him. To your face everything is “Yes my friend. We will take care of it my friend.” But nothing gets done. I’m the type of person that if you aren’t going to do something or have no plans to do something then don’t say you are. Being lied to by someone you rely on is the worst feeling ever.
Being your own boss as a homeowner
When you own your home you’re the landlord, in house janitor and tenant. Even though I don’t know how to grout tile or fix a leaky shower head I think that I would rather rely on myself than anyone else. At 34 years old I am over relying on people and dealing with the back and forth of negotiating rent. I just don’t have the patience or willingness to deal with a landlord anymore and this is (or will be) a major advantage of buying a home.
Rent makes prestigious locations affordable
We would never be able to buy a home in the neighborhood where we live. As renters we can enjoy a great location without being house poor. We currently pay $1500 a month in rent and when we are ready to buy a home in the suburbs our mortgage payment will be a lot cheaper, that I know. However for the time being renting is cheaper than buying a home (in this location) so that’s definitely a plus.