Have you been a lifelong renter? Renting is fabulous for many reasons. The first is usually easy to get into. It may initially take some work, providing a landlord with documentation showing your work, and then running a credit check. This is all minimal effort. When it comes to buying, it couldn’t be more difficult. You have to show proof of income for the last two years, have great credit, and show an ability to repay. This, along with the lender telling you how much you can spend on your monthly mortgage payment. That being said, there are pros and cons to both buying and renting. Let’s take a look at some of the things you may or may not know about renting and buying.
The Buying Process
To purchase a home, you’ll have to go through the difficult tasks of purchasing. This means getting a mortgage, talking to a real estate lawyer, and doing the house hunt. While some of these activities can seem fun—we are looking at you house hunting—others are just frightening, time-consuming, and can bring about disaster.
Fixing Stuff- The Cost To You
Most renters get out of having to fix things. That simply because it’s not their property. They don’t own it; their name is not on the deed. Therefore they don’t have to. That being said, there are certain situations where a renter may have to make repairs. If they cause the damage, or they were directly responsible for something not working, they may be held accountable. However, in most situations, it’s on the landlord to fix. The renter has the leverage that they can go someplace else.
Freedom of Personalization
If you like to personalize your space, renting will not be for you. Most landlords have it in contracts and leases that you cannot change aspects of the rental units. This might include painting, kitchens, bathrooms, or any other feature to do with the unit. Comparatively, in houses, you can do whatever you want because they’re yours. This might have certain exclusions, such as the outside of the home.
Should you want to purchase a home, make sure you have all your ducks in a row. This means you should have your employment secure, taxes paid up, and your credit looks good. On top of these things, you’ll need to have a sizable downpayment ready too. Renting isn’t a problem if you’re happy not owning, though many remarks that renters are simply throwing away their money.