Owning vs Renting a Home – What is the difference ?

We always talk a lot about owning a house but what about renting a home instead? Most young earners out there face difficulties when deciding between owning versus renting a new home. 

It should be perceived that both paths have their own pros and cons, which is why multiple factors should be considered before making a final decision. Since buying or renting a home is already a massive commitment, both financially & emotionally, it’s vital that you assess both scenarios. 

Deciding Between Renting & Owning A House

• Price

Even though renting a home comes with its own set of challenges such as paying security deposits, monthly payments and so on, you cannot compare the same with the down-payment and the monthly installments of buying a new home. Moreover, when you rent out a home, you don’t have to worry about its repairability and property taxes. 

• Risks

Professional Auckland movers state that purchasing a home will always be an improvement and you should learn that improvement does carry certain risks. But, when you rent a house, you don’t have to worry about your investment because you’re only paying monthly rent to stay at your place. 

However, one of the biggest risks that you may face with renting is that – you may not be happy with the house that you’ve rented. But, truth to be told, that’s quite a small risk compared to the bigger one that you’ll be experiencing with a purchased house. 

• Flexibility

One of the biggest things about owning versus renting a property is that you’ll have the freedom to move from one place to another without having to worry regarding your newly purchase house. It’s much easier to break your house lease agreement than planning to sell your home.

Furthermore, as you’ll get older over time, your tastes may change and the house that you had bought in your 30s might not seem attractive when you reach your 60s. With renting, you’ll have no such issues.

• Property Taxes

When you buy a home, you’ll not only have to deal with the cost of the house but also the taxes that you’ll need to pay every year. But, when you proceed to rent your property, you don’t have to take care of the property taxes because the taxes will be paid by the property’s owner. Such a move can indeed help you save a lot of money every year. 

We sincerely hope that you liked our comprehensive comparison between owning and renting a property. If you have any feedback to share with us or require professional moving services at your disposal, don’t hesitate to let us know.