The biggest advantage of renting a home versus owning one in College Station is that, as a tenant, you are not responsible for fixing something if it breaks. Since it is not your property and thus not your responsibility, you have virtually no home maintenance or updating costs.
A home owner must usually stay in their home for a minimum of 3 years to recoup their expenses and break even when they go to sell their home. A tenant has the advantage of being able to move whenever their lease ends without having to sell their current property and pay closing costs. The cost of selling your home can result in a loss of a substantial amount of money if a home buyer moves after only a year or two of occupancy.
If you don’t know if you are going to be in one area for a long period of time, leasing eliminates this risk. When homes are depreciating in value, it can be better to lease a property than to buy one.
However, when you rent a property you lose the chance to build equity where you live. This means that when you pay your monthly payment, each month, when you finally move, you have no way of ever getting that money back. Renting also means you may be subject to rent increases if you plan on staying at a place for an extended period of time.
In College Station, renting a home can place you in an area that is noisy or primarily made up of college students which can be bothersome to some families. Lastly, as a tenant may not be able to make any improvements, decorations, or modifications to the property without the permission of the landlord, and if improvements are made, it is money spent to the benefit of the landlord without reimbursement to the tenant.
When you purchase a property and become a home owner, you now have the ability to build equity in your home. This means that when you make a mortgage payment, a portion of that amount becomes an investment, so that when you sell your property, you will get the money back. Owning a home also means you can qualify for tax breaks that lower your out of pocket expenses.
Your property taxes and interest on your loan are examples of tax deductible expenses that come with home ownership. A home owner is responsible for the upkeep and maintenance of their property, but they also have the right to modify and upgrade the property any way they choose to make it their own. It is also a great way to establish yourself as part of a community and meet neighbors that will become friends for a lifetime.
Happy Renting or Buying!