If you are thinking about moving into a new home, you may be wondering whether you should lease or buy. Just like anything else, there are good things and bad things no matter which route you decide to take. Below are a few pros and cons of leasing your next home versus buying your next home.
•Leasing is a huge benefit if your life has the potential to change sometime within the next year.
•You won’t have to perform any repairs or worry about any maintenance issues.
•Generally, you will not have any landscaping responsibilities such as mowing the grass and raking leaves, etc.
•You won’t be required to pay any property taxes.
•In some cases, your utilities are already paid for you.
•You may have access to amenities that you wouldn’t normally have if you had a house. Things such as a pool, spa, tanning beds, tennis courts, fitness center and planned social activities, etc. that may be included as part of the community.
•You may have a 24 hour security guard.
•You generally have access to a landlord that can help with noise complaints and other types of neighbor disputes.
•You will have to sign a lease so if you are not sure where you are going to be in a month, signing a lease could be a problem.
•Pets may or may not be allowed. If pets are allowed, there could be some breed restrictions. And generally a hefty pet deposit, a portion of which is usually non-refundable, is customary.
•Sometimes you may have to deal with noise issues.
•You may not have a yard for your children and your pets.
•You cannot remodel your rental or make changes to fit your lifestyle.
There is a time and place for everything and you will more than likely change your lifestyle several times throughout your life as your family grows and changes. The best thing to do is to make a list of your own personal pros and cons to determine whether or not you should lease or buy.
Call your real estate agent and let him know that you are thinking about moving but aren’t quite sure whether you want to lease a home or buy a home. He will customize a list of rentals for you to view, as well as, a list of homes for you to tour that are for purchase. You can look at each to see which one best suits the current needs of you and your family. Don’t hesitate to ask your realtor for help with any questions or quandaries you may have. Your realtor will be more than happy to guide you through the entire process until you have reached your ultimate decision.