Finding reasonably priced housing is an important task for families with children. Specifically, ensuring that your family is safe and accommodated has a significant influence on where you choose to live.
However, the process of choosing a home that meets both your needs and your budget can be a challenge. For instance, if you can’t afford the down payment on a home, you might be eyeing one of the most attractive options available: renting. And, although there are a variety of benefits to renting, there are also a lot of downsides that you might not be aware of. So, below, we’ll lay out some of the cons of renting, as well as why you should consider buying a home instead.
Cons of Renting
Renting has a lot of advantages over buying a home. In particular, it provides more flexibility and requires significantly less financial overhead. Additionally, as a renter, you don’t have to worry about maintenance and upkeep, and you can pack up and move at any time. But there are a few downsides to renting that might not be as readily apparent:
Poor Investment Value
The lack of investment value is the primary factor to consider if you’re thinking about renting. That’s because, as a renter, your monthly rent payments add no value to your fiscal worth. And, while this may not be particularly concerning in the short-term, anyone with financial experience will likely advise against this model.
Inability to Personalize the Space
Another unpleasant reality for those hoping to become renters is the inability to personalize the space. As a tenant, you can’t: remodel your home extensively; change or remove furniture; or repaint. For some, this might not be a concern. But, for others, it could prove to be a deal-breaker.
Increasing Cost of Rent
One of the most unfortunate drawbacks of renting is the rapid growth of rent prices across the country. While rent prices may seem reasonable now, there’s no guarantee that your rent won’t rise in the future. Plus, in many cases, mortgage payments are lower than rent prices — a compelling reason to buy instead of rent.
Advantages of Buying a Home
Of course, an alternative to renting is buying a home. Although the prospect of locking into a mortgage may seem costly and intimidating, it may actually be more cost-efficient. In particular, some of the advantages of buying a home include:
Homeowners enjoy an exceptional investment value compared to renters. Provided you choose your home carefully, a house is a substantial and valuable asset that you can pass on to your children in the future or sell if you choose to relocate.
Freedom to Modify
Homeowners are also able to modify their property however they choose. Specifically, parents can make essential changes to their home and property as they see fit to keep it safe and secure for their loved ones.
Stability is another major factor for families with kids. A significant part of ensuring your family feels safe and well cared for includes maintaining stability in their daily lives. By buying a home, you’ll be planting roots in the family home.
Granted, there’s no “one size fits all” solution to housing. Rather, the route you choose to take depends entirely on your family, preferences and needs. So, research and evaluate your options and choose the one that works best for you. Then, if you choose to buy a home, talk to someone with experience. Find a real estate agent in your area to learn more about what’s available in your area, as well as what type of financial choices you can expect to make. Before you know it, you might just be a new homeowner!