Rent vs Buying: What you Need to Know When Looking for Homes

Guest post by srn99


As it relates to living accommodations, perhaps one of the most asked questions is what is better, to rent or buy a house. The answer is very individualized and greatly depends on the circumstances of the individuals looking to move. While there are benefits and drawbacks to each of these options, understanding the basics of each option can certainly help you make an informed decision.

First, we will look at the benefits of renting a property, whether it is an apartment, a condo, a townhouse, or a single property house. Renting a property is beneficial to many individuals, and has some great features which appeal to many. When you are ready to rent a property, you can easily find available rental properties on the internet. Rental properties are available through either individuals (landlords) or through real estate agents or management offices. As it relates to renting a property through an individual landlord, sometimes they tend to be easier to work with. They will set the time with you to view the property, discuss any security deposit requirements as well as the expectations for rent, and may also require you to fill out a rental application.

Once you are approved for the property and move in, anything which breaks or needs assistance is the responsibility of your landlord. This makes many people feel a sense of peace, as there is very little required of them when it comes to home maintenance. Another great benefit of renting a house is you are not locked into a 30 year mortgage as you would be with a house you purchase. For example, if you were a young married couple which moved into a small town home for your first house and found out two years later you would be welcoming a little one, you would then be able to simply look for a bigger house to rent.

On the flip side, buying a home offers many benefits as well. Obviously, the major benefit of purchasing a home is that it is 100% yours. You can feel free to paint it, completely gut it and rebuild, or even put up a pool in the backyard. You will also not have to worry about a landlord wanting to take the property back in order to sell it, causing you to be back at square one. Owning your own house also offers the benefit of saving money, as with every mortgage payment you are working towards paying back the original loan and will have something to show at the end of the mortgage term. While renting, you are simply putting your money towards paying the landlord for the property without having the benefit of actually owning the property.

When you begin the search for your own house to purchase, the search starts with finding the best house for you. Just with renting a property, you can start on the internet by searching for your particular area you desire to live. For instance, if you are looking for real estate in Colorado, you can simply enter 'Boulder real estate' into your search engine, and start sorting through all the wonderful listings of houses just waiting for you to move right in.



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