Should I rent or buy a home? It’s one of the biggest financial decisions you will make, and it’s loaded with plenty of questions. Do you have enough money for a down payment? Which area will best support your long-term plans? Can you afford the property taxes, HOA fees, and maintenance? There is so much to consider.
Whether you plan to buy property in the future or choose to focus on other ways to build a solid financial future, renting your home may be the best option for right now. Over 36 percent of Americans live in rental properties, and they choose to rent for a variety of reasons.
If you currently face the “rent vs. buy” decision, the choice may be easier than you think. Here are three questions to ask yourself.
Are you handy with repairs?
It’s common for people to underestimate the maintenance costs associated with homeownership. And should something go wrong—like a broken sprinkler pipe or furnace repair—those costs of repair can quickly add up. How much better does it feel knowing someone else has your back during unexpected issues? For example, at Villa Del Sur Apartments in Santa Ana, we have knowledgeable and friendly staff who are trained and certified to make repairs. The minute you report something is broken or in need of attention, our team sets to work, ensuring that your home stays in tip-top shape.
How do you define financial goals?
The modern perspective on what constitutes a strong financial base has shifted when it comes to homeownership. “It may seem counterintuitive, but the biggest financial benefit of homeownership isn’t about the house itself,” explains Consumer Reports writer Penelope Wang. “In many high-cost areas, renting is more economical than buying and paying for the upkeep of a home. That means you’ll have more cash that can be funneled toward your financial goals.” While you may not be paying down a mortgage, the practice of focusing on a savings mindset, and paying down debt, for example, can help you prepare should home ownership be a long-term goal.
Do you need flexible living arrangements?
One of the greatest benefits of renting is the freedom it gives you to live wherever you want. Unlike a mortgage, which can tie you down for some 30-odd years, a lease is relatively short. “Regardless of age, mobility is one of the top reasons people decide to rent,” writes Robert Pinnegar at The Washington Post. “For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise.”
While we aren’t eager to say goodbye, at Villa Del Sur Apartments, we do want to be sure that you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from Villa Del Sur to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.
With a difference in costs, less responsibility, and more freedom, it’s easy to see why more and more people are choosing to rent. At Villa Del Sur Apartments, we want to make coming home the best part of your day; give us a visit and see if we can’t help you put the “rent vs. buy” debate to rest.