Tell us if this sounds familiar. You know you need to move and have been thinking you need a house over an apartment. Houses are just bigger and more independent than apartments, so you’ve been focusing exclusively on rental homes.
So you go online to search for average rent in San Antonio, but then you stop and wonder if maybe you should be buying one.
Buying vs. renting: it’s an issue that many people have struggled with over the years. They know the pros and cons of each, but money is often an issue one way or another here.
Here is some insight from us to help you decide whether it’s better to rent or buy a house.
Consider the Down Payment
One of the main obstacles to many people buying a house is that pesky down payment. It’s a lot of money. Now, there are some types of mortgages that require only three percent down, but some people struggle to come up with even that amount.
To them, a monthly rent is much more affordable. Even though the money all adds up over 12 months of the year, sometimes thousands of dollars is just too much to pay all at once. In that case, renting a house is the better option.
Consider Moving Out
If you and whoever is living with you ever need to separate or move out in a hurry, a rental house allows you to do that. If a couple breaks up and needs to get out of the house, you can do so by the end of the month.
With a home purchase, however, nothing is quick and easy. No one’s moving out in less than a month, because the home needs to be cleared, put up for sale, inspected, signed over, and so on. It’s complicated. If you think you’re fairly settled, then get a house for yourself. If you suspect your living situations will change soon, a rental is safer.
Consider Your Freedom
Do you care about your personal freedom? Renters are of course free to do as they like in their rental houses within reason, but your landlord still makes the rules. You may not be able to have pets. Maybe you share walls in a double and have to hear noise from next door.
With your own home, your space is your own. You make the rules and change them when you like. You pay for that freedom by owning the house, but you have to decide what the freedom is worth to you.
All of these tips are meant to help you decide whether renting a house or buying one is better for you. Only you will know. But once you know, you can move forward with confidence.