Renting vs. Buying a House

February 28, 2024

Renting vs. buying a house is a big decision, to say the least. It is an enormous investment. While moving into a new property can be exciting, the costs behind it are significant. It is worth giving enough time and thought to make the best decision. No matter where you are in life, it’s worth knowing these pros and cons of renting vs. buying a house.

Renting a House

Pros

Renting a house, apartment, or a room in a house share allows you the most flexibility in your living accommodations. Rentals have contracts, so you may only have to stay in one place as long as half a year if you wanted. If you have many factors in your life that are subject to change, such as a job, marital status, or family size, then renting allows you to move to a more suitable location relatively quickly.

Additionally, you don’t have to worry about maintaining the place. The cost is not coming out of your pocket. A responsible landlord will keep the living space livable.

Cons

Your rent isn’t locked in for life. It can go up, and fees can change. You may also have extra fees for pets, garage, laundry, Wi-Fi, etc. 

The rent cannot come back to you, either. You don’t have the option of selling your current rental home or renting it out.

It is also harder to make a rental your own. Unless you have a very lenient landlord, you cannot make drastic changes to the house or apartment.

Buying a House

Pros

Pros of buying a house is that in most cases, you not only can have a place to live, but that you can gain more capital if you sell it years later or rent it out. Many additional costs factor into the total payment, like taxes, interest, utilities, and HOAs if applicable, but you still have the power to rent out a part or all of the house or sell it when it appreciates.

You can also make it your forever home and personalize it just the way you like, down to the studs. With Ameri-Star Homes, you can build an affordable, customizable new home in Maryland.

Cons

The cons of buying a house are that it is harder to pick up and move, and you are responsible for maintenance. It can cost more for maintenance, improvements, etc., than renting, too, and needs a downpayment. However, if you are ready for homeownership, there are plenty of options for you. For example, Ameri-Star Homes works with approved lenders with loan programs with as little as 3% down payments! 

Let Ameri-Star Homes Build Your New Custom Home!

Ameri-Star Homes was built on the idea that a home is not complete until the homeowner is 100% satisfied. That’s right, completely satisfied homeowners. Whether you want a home built on one of our home sites or on your own land, count on the same high quality from Ameri-Star. We have set out to exceed all your expectations of integrity, affordability, and customer satisfaction. Build lasting memories for years to come with Ameri-Star Homes. 

For more information, contact us today at 410-590-1000 or through our contact page. For more helpful custom home tips, keep in touch with us through Facebook, Twitter, LinkedIn, and Pinterest!