Buying a home is a lifelong dream for many people, but renting does have some significant advantages of its own. Some people love the stability that comes with buying real estate, while others enjoy the lack of responsibility an apartment rental can bring. To help you make the right choice, carefully weigh these two housing situations before choosing your next home.

Buying

Purchasing a house gives you a place to live, but it’s also a valuable asset that may appreciate over time. With every mortgage payment, you’re building equity that can become an important part of your family’s wealth. You’ll also have the freedom to customize the space to fit your tastes and lifestyle, not the other way around.

You’ll be responsible for maintenance and repairs, from replacing the roof to mowing the lawn. Moving is also more complex for homeowners than renters, so buying is only an ideal option if you plan to stay in the same place for several years.

Renting

If you’re renting a home, the responsibility for upkeep and repairs falls on the property owners, which is a significant benefit for many people. Calling the landlord if a pipe breaks or the air conditioner goes out can provide valuable peace of mind and reduce stress. You also have the advantage of flexibility since you can easily walk away when the lease is up.

However, renters don’t build equity in their homes, no matter how long they’ve lived there. You’re also limited in what you can do with the property, which means you’ll probably have to make compromises if you can’t find a perfect place. Finally, your landlord can increase the rent at the end of the lease, which can make your housing costs unpredictable.

Whether you’re shopping for real estate or looking for a rental in Hawaii, the agents at SC Realty have the local market expertise to help you find the perfect home for you. They have an in-depth knowledge of neighborhoods throughout Oahu, Maui, and the Big Island, and will take the time to fully understand your needs. Visit their website to browse real estate listings, or call (808) 591-6277 to discuss your dream home with a team member.