Should you rent or should you buy a property? If you're in this dilemma, this post by Land Title in Minnesota can help you decide what's best for you in this moment in your life.
Few decisions as important in life as deciding whether it's time to give the big step into homeownership. Still, this decision will depend a lot on who you are, your lifestyle and your future plans. Even so, we would like to make that decision a bit easier for you, which is why, in this post, you'll find the 'pros' of buying and renting.
Call Land Title at 651-697-1900 for all of your title services needs, including title insurance in Minnesota.
How to Decide Whether to Rent or Buy
When You Rent
First up, let's look at some of the many benefits that may come with simply renting a place. Once again, think about where you are in your life and where you want to be in the next couple of years to see if these advantages actually make sense for you.
You Have the Freedom to Move Around
First of all, when you invest in a place, you're tied down to it for years to come. But, if you're simply renting, you are free to move around as much as you like. You can even move into a new city or country if the one you're in has bored you.
You Don't Have to Follow the Home Buying Process
Few things are as stressful as the home buying process (dealing with real estate agents, looking out for real estate fraud, looking at house after house, second-guessing yourself, etc.). When you rent, you don't have to go through any of it.
No Mortgage
If you need to borrow a loan to purchase a property, simply thinking about it can keep you up at night. Not having to apply for a mortgage and not owing large amounts of money are huge 'pros' that come with being a renter.
No Housing Market Drama
The housing market and the economy can be as volatile as they come: one day it's up, and the next day, it's down. As renter, however, you may not need to worry about this as much, which can be a great relief.
Not as Many Responsibilities
Why add more stress to your life than it needs to have? Renting can help you live in a more carefree way, since you won't have to worry about a few different duties (paying property taxes, being on top of the property's maintenance, and more).
Do you need title insurance in Minnesota? Call Land Title at 651-697-1900 so they can assist you.
When You Buy
It's time to flip a coin and see the other side of the situation. Yes, buying a property comes with its fair share of complications, but it can also be incredibly rewarding. Learn a few of the 'pros' of being a homeowner and see if they appeal to you more.
You Get Peace of Mind
Being able to sleep at night knowing that you have a roof over your head can bring you peace like few other things can. And that sense of security and stability is what you'll get if you decide to become a homeowner.
You Have Fixed Monthly Fees
Making a downpayment and having a mortgage can seem incredibly daunting. Still, after the first economic blow has passed, you'll have fixed monthly fees, which may not be that different than a rent fee. It's just that this money will go towards your own place.
You Don't Deal With Landlords
Not being able to have your own future in your hands can be unsettling. And this is what happens when you have a landlord. If they want, they can kick you out of their place or they can increase the rent significantly from one month to the next.
You Have a Patrimony
If you have a family, or are planning to have one, buying a property can be the right move. This is because, you know that your family will have somewhere to live if something where to happen to you.
You Can Make the Place Your Own
Lastly, one of the most exciting things about being a homeowner is that you can make that place your own. You can adapt it to your changing lifestyle and preferences. For example, you can add an extra room if you want, or you can paint the walls an annoying color.
To have a safe closing process, you need title insurance in Minnesota. Call Land Title at 651-697-1900 for more information.
