Buying Vs. Renting Your Home

With the uncertainties of the housing market along with all over the additional costs associated with traditional mortgages to start with Summit Mortgage in MN, it is no wonder many individuals are opting for renting over buying these days. Since the recent recession, rental options have been increasing in popularity. There are several motivators for choosing Charlotte, NC real estate rentals over traditional purchasing, but here are a few of the top reasons to choose a rental option.

rent-vs-buyNo Add On Costs

When purchasing a home you will ultimately wind up with three major expenses; the mortgage payment, homeowner’s insurance and property taxes. The two additional expenses beside the mortgage payments are often required to be paid annually as lump sum amounts, which many people find challenging to budget. Renters do not have to worry about these additional costs, as the homeowner’s insurance as well as property taxes is the responsibility of their landlord. Your monthly rental price is all inclusive which is far easier for budgeting purposes.

Maintenance Included

Maintenance on your own home can take quite a chunk out of your annual budget. Not to mention that it is nearly impossible to plan ahead for all possible maintenance emergencies that could take place. However, most rental agreements include maintenance as part of your lease arrangement. This is not only easier on your budget, but is also one less thing to worry about. Calling your landlord to report a leaking hot water heater is way less stressful than trying to figure out what needs to be done yourself and then trying to fit the expense into your budget.

Moving Flexibility

Another huge bonus to renting is that the permanency of your residence only has to last as long as your lease term. This works really well for individuals who seem to move often due to work or personal preference. The time and effort that is involved in selling a home in order to move can take months to organize and can add a world of stress and complication to your life, as opposed to simply moving when your lease is up.