If you’re on the fence about renting or owning a home, here’s a helpful look at the upsides of each option. Remember to get the right insurance when you make your choice, so your property is fully protected.
The Advantages of Renting
When you rent, you don’t have to commit to a neighborhood or a city. Don’t like your current digs? No problem — you can try somewhere else with a minimum of fuss. If you want to explore your state or experience life in different parts of the US, renting is your best bet. You can experiment with different types of homes too, whether you want a modern high-rise or a little house with a yard.
Securing a rental residence is usually easier than buying a house. While the two may be equally competitive, you don’t have to obtain a loan or go through inspections and closing. Most landlords will check your credit and employment, and that’s about it.
Renters also don’t have to worry about fixing things around the home because those chores are largely the responsibility of the landlord. If the roof needs replacing or the hot water heater fails, you don’t have to shell out any cash. Usually, even the appliances are owned by the landlord, so they have to take care of them.
The Pros of Owning a Home
Owning your home gives you a lot more freedom when it comes to your lifestyle and how you want your home to look. You can paint inside and out, change the landscaping, and put in new appliances, or you can do a whole remodel if you like. You don’t need anyone’s permission to swap out a light fixture or put new hardware on the kitchen cabinets.
It’s much easier to own pets if you are a homeowner too. Other than local laws about the number of animals you can keep, you are free to have several large dogs or multiple cats, as well as other types of pets like birds, reptiles, or even horses.
You usually have more stability as a homeowner. When you rent, there’s the possibility that the landlord could sell the property, forcing you to move elsewhere. But when you own, you can keep the home for decades or even make it your family estate for multiple generations.
One of the biggest reasons people elect to buy a home is that it is usually an investment that increases in value over time. If you can ride out the ups and downs of the real estate market that occur every few years, you can make a profit on the home by selling it, renting it out, or cashing out your equity for other financial needs. If you ultimately pay off your mortgage, you own the home outright, meaning you no longer have to budget for monthly housing costs.
Home and Renters Insurance Is Essential
Whether you decide home ownership or renting is right for you, make certain to protect your property with the right insurance. Home insurance covers your dwelling as well as its interior; renters insurance protects your belongings when someone else owns the building you live in. Both types of policies should also cover your belongings inside your home—we can help find a policy to ensure you're covered.
Members Insurance Center can help you protect your property by finding a policy that meets your unique needs.