The Benefits of Owning a Home vs. Renting [Infographic]
There are a lot of things to consider when deciding to move from renting to buying a new home, as homeownership can have both its advantages and disadvantages. Before you take the plunge into either option, check out the infographic below for an overview of the rent vs. own pros and cons.
Renting vs. owning a home: advantages and disadvantages
A few common life changes can lead to a change of address. Roommates moving out, marriage, a new baby on the way, a new job, relocating to take care of aging family members, or simply wanting a change—all are reasons to consider making a move. But now the next big decision comes: do you continue to rent, or is it time to buy a new home? The benefits of owning a home vs. renting depend on your unique lifestyle needs and goals. For example, if you’re craving a place to decorate, renovate, or otherwise personalize, homeownership may be right for you. Conversely, if you’re not ready to take on the responsibility of maintaining a home, perhaps renting is the right choice.
But… is it better to rent or own?
Overall, homeownership can be a wise long-term choice for you and your family. Taking advantage of potential tax benefits, having more stable monthly payments, and building up your equity are potential financial benefits of owning a home. It may be wise to consider consulting a tax professional or attorney to assess your specific situation.
Renting has several monetary advantages as well, such as potentially lower utility and insurance costs, but remember that when you rent, your monthly housing payment is ultimately building your landlord’s equity, and not your own. In some cases, you can also take advantage of falling interest rates for lower monthly mortgage payments. Even beyond the tangible benefits of homeownership, there’s also the emotional benefit that comes with having a place to personalize, a place that gives you peace of mind, a place to grow with your family—a place to call your own. Explore both the tangible and intangible benefits of owning a home vs. renting.
Ultimately, whether you rent or buy will come down to what is right for you in your current life stage. At Shea Homes, we know this next step is not an easy one—that’s why we’ve created useful homebuying tools like our eBook to the homebuying journey, affording your dream home’s down payment, and checklists to decide what you want vs. what you need in a new home. Still have questions? Feel free to reach out to us on our social channels or contact us through interest form, calling or chatting us and we’ll be happy to support you in your journey to homeownership.