The great debate of renting or buying has been going on for years. Depending on your lifestyle, financial situation, and personal preferences, one option may in fact be better than the other. Use this article as a sort of ‘self check’ to see if your needs lean more towards renting or buying. There are a lot of things to consider, but these are the main factors you should look into before deciding if renting or buying is right for you.
Is Renting or Buying Right For You?
Finances
Of course the first thing we always look at for making big decisions is our finances. In the world of renting or buying you will need to check your finances before you make that choice. Renting means you generally pay a fixed amount each month. Many locations include your utilities in that bill so it’s a kind of one and one payment. Buying on the other hand means your payments may fluctuate from month to month. There can be some months of extra expenses while others are more cost efficient. This means that to decide if renting or buying is right for you, you’ll need to consider how sable (or unstable) your financial situation is from month to month.
Lifestyle
Lifestyle is a big issue when it comes to renting or buying discussions. If you like to pick up and go, travel the world, be free of any long term responsibilities, etc. Renting might be the right choice for you. If you are looking to make a long term investment in something you can potentially resell or pass down to your children or family, buying might be more suited to your tastes. In the case of MCLife communities you might also consider that living in a community is a plus of renting. Of course while buying you might have neighbors and a community type feeling, when renting in a complex you typically see the same faces each day while using shared amenities, etc.
Those amenities might also play into your decision of renting or buying. If you want extra features or new amenities when buying: you have to foot the bill. When renting, typically upgrades and amenities are maintained by the building owner. The same is true for lawn maintenance, snow removal, etc. Many of those responsibilities fall to the home owner where in a rental situation they might be taken care of for you.
Personal Preferences
There is a lot to be said for personal preferences when it comes to the renting or buying debate. Sometimes it simply comes down to your own personal feelings on the matter. Some people just want to rent or buy. If you can afford either situation and your lifestyle requirements are met in either situation it just comes down to a simple choice! This can also be impacted by your pets. At MCLife we love pets and we don’t have any breed or sizing restrictions but in some rental situations you can’t have pets. This is a big reason why many people end up avoiding renting and leaning towards the buying option. When you are the owner of the property you are much more in control of changes, decisions, etc.
