Deciding you want to buy a house is an exciting time, as this is a fantastic financial investment; it’s also an emotional milestone and an integral part of the American dream. Many first-time homeowners aren’t sure if they’re ready for the commitment or whether now is the right time to make such a major purchase. Before making this crucial decision, you must understand the benefits and drawbacks when you rent or buy a house.

The Pros & Cons of Renting & Buying

Renting

Renting a house or apartment has some attractive advantages that make it a better choice for some people. For starters, routine maintenance and repairs are the landlord’s responsibility, so you don’t have to worry about replacing the water heater if it suddenly breaks down.

Renters also have more flexibility and don’t have to make a large up-front investment before moving in. On the other hand, you usually won’t be allowed to customize the property, and the rent you pay every month disappears; even if you’ve rented the same house for 10 years, you won’t have any equity established when you move out.

Buying

Owning a home may come with responsibilities renters don’t have to deal with, from routine maintenance to emergency repairs. However, homeowners also gradually build equity in their property, which can eventually be a cornerstone of personal wealth. When you buy a house, you’ll also have the right to modify your home to fit your lifestyle.

Finally, owning a home is cheaper than renting in most markets — even after accounting for property taxes, insurance, and maintenance costs. While collecting the down payment may be a stumbling block for some, the FHA offers some mortgage programs with reduced down payments and other advantages.

Preparing to buy a house can be confusing and overwhelming, which is why clients throughout the central Adirondacks rely on the experts at Herron Realty. With their in-depth understanding of the local market and unsurpassed dedication to honesty, integrity, and ethics, you can rely on these Realtors® to help you find your dream home. Visit their website, Instagram or Twitter to browse homes for sale now, or call (315) 369-6910 to speak with an agent today.