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Should I Rent or Buy a House?

Rents vs Buying a House

Choosing to rent or buy a home can be a big decision. Know the pros and cons of each before looking!

According to a Zillow.com post, Americans spent more than $441 billion on rent in 2014. This was an increase of 4.9 percent from 2013’s total of $420.4 billion. But with so many people renting, does that mean you should too? Or should you go after the “American Dream” and buy your first home? Let’s look at the options!

Renting a House

For the same price of an apartment or a few dollars more, you could be renting a two to three bedroom house that includes all the amenities. One of the best reasons to rent a house instead of buying one is the landlord. While renting a house, you do not have the responsibilities of dealing with issued by yourself. You don’t have to fix a clogged drain or leaky faucet because the landlord will! A downfall of this system is unreliability. Many landlords are notorious for not fixing anything or letting the problems go until a drippy faucet ends up with a full bathtub of water and a flooded bathroom. Another downfall of renting a home is lack of personalization. You will be able to hang pictures and you use accents to give the space a little customization, but many landlords will not allow you to paint or remodel anything unless it is put back to original condition before you move out.

Buying a House

One of the biggest advantages of buying a house is equity. Equity is when a portion of your payments go toward owning your home. As you make your payments, some will go toward paying the bank back for them loaning you the money while the other go towards actually owning the property. While you may miss your landlord while buying a home, all of the improvements and fixes you do yourself will go toward your own property. If you stay on top of the problems and improve a little as you go, your home will increase in value over the years of ownership. Owning a house is not for the faint of heart. You are locked into this property for years and cannot pick up and move if your financial situation changes. You are also responsible for the property taxes and for any repairs or improvements your new house needs.

With these facts in mind, you must be absolutely honest with yourself about what you really want from your next place. Whatever you decide, Clagett Enterprises can help find the perfect home for you, no matter how long you plan on staying!

Clagett Enterprises

At Clagett Enterprises, we have extensive experience serving the greater Frederick area and Western Maryland, since 1987. Our team is a full service real estate company that’s ready to help you with your property management preventive maintenance needs. Speak with a Clagett professional at 301-665-6009, or request a proposal for preventive maintenance here. Make sure to connect with us on FacebookTwitter, Google+Pinterest and YouTube

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