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Renting vs Buying a Home: The Advantages of Both

Posted on: April 25, 2019 | by: Lighthouse Self Storage May 2, 2019

A home with a sold sign outside

Are you in the market for a home? The decision of whether to buy or rent a home can be a big one, with many benefits to both. Ultimately, the decision comes down to what is best for you. In this post, you will find a breakdown of the advantages of both renting and buying a home.

The Advantages of Renting and Buying a Home

Advantages of Renting a Home

  • Less initial investment: When you buy a home, you need to put down a down payment of at least 3.5%. In order to minimize the amount of money you are paying in interest, it’s smart to put down more than the 3.5% minimum if possible.
  • Less commitment: Since buying a home is generally more work and more of an investment, most people plan to live in their home for at least a couple of years. When it comes to renting a home, the commitment is only 6 months to a year.
  • Limited maintenance responsibilities: When you rent a house, your responsibility for the day-to-day upkeep and repairs is much more limited. For example, it is common that yard upkeep, minor repairs, and appliance upkeep.
  • The ability to budget easier: When you rent a home, you’re able to budget much easier. Your expenses related to your home are planned and the same every month. This is different for buying a home, where you have to be ready to deal with broken appliances or repairs the house may need.

Advantages of Buying a Home

  • More control of the property: One major perk of buying a home is you have more control of the property. If you want to remodel the house to add a deck, you’re able to. The home is truly yours
  • Tax advantages: Buying a home can help you to qualify for more tax deductions. During tax season, this can help you to get a much higher return.

Need a Household Storage Unit?

Whether you buy or rent a home, you can benefit from the use of a storage unit rental. A storage unit rental can help to keep your home neat and organized by storing out-of-season and unneeded items. Are you looking for a storage unit near you? Lighthouse Self Storage has storage facilities in West Palm Beach, FL, Homestead, FL, Fort Lauderdale, FL, Whittier, CA, Westminster, CA and Oceanside, CA. Our storage facilities have a wide variety of storage units in both traditional and climate controlled, including the 5×5, 5×10 and 10×10 storage unit.

Reserve your storage unit today!

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