What Are the Pros and Cons of Owning vs. Renting?
The pros of owning a house are generally:
- More space.
- More freedom to do what you want, without criticism from a neighbor or your landlord, like being able to remodel the kitchen.
- It is an investment. You will not make money on your rental payments. After years, you probably will on those house payments with your equity.
The cons of owning a house are generally:
- A lot of maintenance costs.
- Property taxes.
- Once you move into a home, unless you keep it sparsely furnished or move into a really small home, you will accumulate things. Thus, moving becomes harder – plus, you generally need to sell the home before you move.
The pros and cons of apartment living are generally flipped. The pros of renting, for instance, are that you don't have to pay maintenance costs, your landlord pays property taxes (you don't), and moving out is likely going to be far easier than moving out of a home.
A Farrelly Realty Expert can help you understand ALL your options and start you on your journey to homeownership or find you a rental you will enjoy today! Please reach out with any questions (978)664-3700.
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