Almost everyone comes to the point in their lives when they make the decision to either keep renting or buy their first home. For some people the decision comes earlier in life than others but it’s a decision that needs to be made and during the process of searching for a home the question will come up “is it better to rent or buy?”
If you’re considering buying an Orange County home, the advantages of buying a home begin with freedom. When you buy a home you will have the freedom to decorate it any way you want as well as make any changes and alterations to the interior or exterior of the home like changing the windows or re-landscaping the front yard etc.
As a home owner you will also enjoy security because, you will no longer have to be concerned about your landlord raising your rent or engaging in shady tactics that will only cost you money.
Last of all, the top advantage of owning a home is that it’s an investment that will help you to build your credit, acquire equity and you will be able to sell the home sometime in the future for a profit. Even though the real estate market has it’s ups and downs, ultimately it’s still typically better to own a home for the long term because. You can also rent your home out if you no longer wanted to live there, but didn’t want to sell that home and you will be able to generate positive cash flow every month from home.
A Big advantage of renting is also freedom, but for different reasons. When you rent, you can easily move to another apartment, condo or Orange County rental property compared to being faced with the decision of having to either rent your home or sell it if you’re a homeowner.
The other benefit of renting is that all of the responsibilities for the home, condo or rental property that you’re renting will fall back on your landlord or the homes owner so if the roof leaks, a pipe breaks or the water heater needs to be replaced, the financial costs to fix those problems will be the responsibility of someone else.
Even though it’s easy to rent, the disadvantage of renting is that renter isn’t able to build equity over the time that they are renting and they won’t have anything to show for the money that they’ve paid for rent every month compared to a homeowner who has their home and equity that they’ve acquired if they’ve owned that home for a period of time.
If you’re considering buying your first Orange County home why not give us a call? All of the top Orange County real estate professionals at Fred Sed & Associates are experts at helping our clients at finding the home that’s right for them. Whether you are looking for a rental home while you prepare to buy, or if you’re ready to buy today, contact us today to learn more about how we can help you find the home of your dreams.