Pros and Cons of Buying vs Renting

Many people these days are debating whether to buy or rent. There are of course pros and cons to each. With today's economy, it is hard to figure out if your job is secure, and whether it is worth the risk of buying, or if you are more secure just renting. All too often, people feel they are financially secure enough to buy a home, only to lose their jobs later, or have some other tough time and find themselves unable to pay their mortgage.

Here are some of the pros to renting that many people consider. One is that when you rent, there are many things you don't have to deal with as opposed to buying. One of them is that any property maintenance is done by the landlord. This means you don't have to worry about mowing the lawn, making sure the sidewalks and drives are clear of snow and debris. In addition, because your maintenance is taken care of, there is no buying expensive equipment.

The next thing that is an advantage about renting is that if anything happens, a broken pipe, malfunctioning appliances, or structural problems, you landlord covers this and there is not out of pocket expenses on the part of the renter. In many cases, rent usually doesn't go up, and you can move out if you need too, with just a month's notice. This means that you can walk away from the rental without any problems, and even get your deposit back if you leave your rental in good condition.

One the other hand, renting does have its disadvantages. You are not building equity, and don't have any money to show for the years you have rented. You have to get permission from your landlord in order to make any changes, like painting or rearranging the landscape. You are also dependent on your landlord fixing things in a timely manner. They can also raise the rent, and even evict you if they want.

Buying a house also has its pros and cons. Buying a house costs more initially, but every payment you make, part of it goes to principle so you are building equity in your home. You can do whatever you want to your home, within reason, so you can repaint the walls, make additions, and change the landscape. If something breaks down, you can replace it with higher energy efficient appliances. Your home is more secure, because you are in charge.

On the other hand, buying a home can be expensive, and not just to move in. If there is a problem of some kind, you are responsible for fixing it. You have to keep you lawn maintained, as well as keep the drive and sidewalks clear. If you are part of some kind of HOA, then you have to get permission to do anything on your property. If something happens financially, and you end up going into foreclosure, you run the risk of losing everything, including any equity, as well as your good credit rating.

One of the other things you have to consider when buying a home is that you have to buy extra things for the home. You may have to buy a lawn mower and other yard equipment. Any major problems you have to deal with and pay out of pocket expenses. This can include things like problems with plumbing and electrical.

These are just some of the pros and cons of renting and buying a home. You have to consider many factors when it comes to deciding which one to do. If you are financially stable, and have job security, it may be a good idea to buy a home. If you are less secure, and don't know where you may be in five years, it may be to your advantage to rent instead.

If you have any question about buying or renting Tampa homes please get in touch with us. We are Tampa real estate experts.