Starting a family means making a lot of big decisions. Perhaps none is as important as finding a suitable place to live. But for young families, and single parents especially, this can be difficult. Often, young couples just starting out or parents raising children on their own have limited resources and need to plan carefully. This means one of the biggest decisions they face is whether to rent or buy a home. There’s no single, obvious answer for everyone because each option comes with its own set of advantages and obstacles. Making the right choice for your particular situation can have a profound impact on your financial stability and happiness for a long time to come. Knowing the pros and cons of renting and buying is crucial if you want to make a confident and prudent decision.
For example, rentals may be attractive to many because they come with fewer responsibilities. The owner of the property typically handles most maintenance, so you won’t need to unclog a sink or replace a faulty heating system. On the other hand, purchasing a house or condo gives you the freedom to decorate or even remodel the space to fit your lifestyle and your family’s needs. One of the clearest advantages of renting is that you may be able to save more money because you won’t need to make a large down payment or be on the hook for expensive home repairs. But if you’re looking for long-term stability, buying is often the better option because you don’t need to worry about rent increasing or the terms of a lease changing when you’re living in your own home. You’ll also be able to build equity in your home, making it a potentially valuable asset.
The housing choice you make in the beginning has the potential to impact your family years and even decades later. To help you make the most informed decision on whether to rent or buy, see the accompanying guide.
Author bio: Attorney Maggie R. Simoneaux-Cuaso is the owner of Simoneaux Law Firm, a real estate law firm in Texas. She has over 10 years of experience in the industry and focuses on helping real estate developers, brokers, agents, homeowners associations, property managers and individuals with a variety of real estate legal issues.
Infographic created by Simoneaux Law Firm