When you are ready to move and contemplating renting versus buying a home, there are tons of factors to keep in mind. Most of us have spent more time renting than owning, but the decision to invest in a property may be the right call at this stage in your life. Whether you find yourself leaning towards one choice more than another, make sure to consider all the angles before you make your next move. Read on to learn more about the pros and cons that go hand-in-hand with renting or buying a home in Brainerd, Minnesota.

Pros of Renting: When you rent an apartment, you have more flexibility in your lease agreement than you do when you own a home. If you suddenly become unemployed or decide to pick up and move somewhere else, all you need to do is wait out the remainder of your lease and then you’re a free agent. You can even find somebody to replace you and get out of your contract even sooner. Another perk of renting is being able to enjoy all the amenities that are included in the building. Whether you really enjoy having a gym, pool, sauna, or computer room, these are features that you may not be able to afford when you move on to home ownership. Also, if ever there is an issue with your plumbing or some type of structural concern, your landlord is responsible for it, so you won’t have to pay out of pocket for these unexpected expenses.

Cons of Renting: If you love to renovate, you may not have the freedom to do so when you are renting a property. Part of being a tenant means having to abide by the rules of your contract, and certain lease agreements dictate that renters may not get too wild with their decorating choices. As a renter, you have to brace yourself for a rent hike every year, anxiously waiting to find out how much more you will have to pay. If the increase is too high, you have to go through the trouble of leaving your home and looking for a new place in a short span of time. Along with having your decorating style cramped, you are also not given the freedom to make the lifestyle choices that you may be interested in. For example, if you want to have a house full of pets or plenty of loud parties, you have to worry about following the rental guidelines and not disturbing your fellow tenants.

Pros of Buying: From a financial standpoint, investing in a home means becoming eligible for tax breaks, finally having stable payments every month, and building up your equity. Along with the monetary advantages, you also have the freedom to do whatever you please in your home. Whether you want to tear down walls, remodel the kitchen, or swap out all the floors, you can do whatever you want and you never have to ask permission. Another benefit of owning a home is the feeling of permanence that goes along with it. Whether you just got married or started a family, owning a property gives you the opportunity to set down some roots and become a member of a community. Unlike the short-term nature of renting, home owning offers much more stability. 

Cons of Buying: In order to purchase a home, you have to first save up so you can cover closing costs and a down payment. Along with that upfront expense, you also have to pay property taxes, and those can go up over time, making your investment more costly than you initially expected. As mentioned above, if something breaks down inside your property, you are solely responsible for covering the repairs. Part of the permanence of home owning means that you are tied down to this property in a way you never were before. If you find yourself incapable of affording your place or disliking your neighborhood, you will not be able to slip out with 30 days’ notice the way you could in a rental situation.

After you weigh all the pros and cons of renting versus buying, the decision really comes down to your personal preferences, budget, and lifestyle. Visit Find Brainerd Area Homes today to see properties available for rent and for purchase. Feel free to reach out to us with any questions. We look forward to helping you find the home of your dreams!