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Should I Rent or Buy?

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Throughout the United States, millions of adults have the option to rent or buy a home. Buying your own home is a great way to build an investment and customize the home specifically to your needs.

An Investment

Although renting can be a good choice if you are unable to take care of your own repairs and other potential household issues, and the monthly rent rate certainly provides you with a place to live, you don’t get anything back in return except your security deposit (if you’re lucky). While the initial investment of buying a home may be more costly than renting, it will yield much different results. Buying a home is an investment that can help you earn more money than what they originally paid for it, depending on the market. A home that is purchased, improved, and well cared for will enable homeowners to sell it at a good price when the time comes.

Making Changes

Most individuals that rent understand that the home that they live in actually belongs to their landlord. This can be uncomfortable for people, especially if the landlord enforces strict rules and regulations on the tenants. In some cases, these rules can even prevent you from painting rooms the way that you would like, putting holes in the wall to hang things, or changing the landscaping to fit your tastes. Homeowners do not have to worry about a landlord enforcing these rules on them, and they can make any changes they want in order to customize the property. Homeowners are also able to do in-depth renovations that will improve the look and feel of their home, and even the resale value, like adding another bathroom or knocking down a wall to open up the layout.

Freedom

Many individuals that have gone from being a renter to a homeowner prefer the freedom and potential investment that owning a home offers. However, there are some who prefer renting for several reasons, especially the lack of concern over the fluctuating real estate market and the freedom to pick and move to a new location with ease. Discussing your needs with a qualified real estate agent will help you determine whether renting or buying is right for you.