My husband and I own two homes. A small condo and our current home right outside of Nashville. We bought our condo with out really thinking to much about the future. We were young and had only one child. We didn’t really consider the fact that we may quickly outgrow it. We also did not consider the school system and other things like the 3 story hike to our condo with groceries and a new baby.
After several years of paying for private school and a new baby we realized it was time to find another place to live. At the time buying wasn’t an option so we moved in to a rental. About 6 months after we moved my husband got an amazing opportunity in Nashville and off we went. Except this time I knew we wanted to buy a home of our own. I hit the internet and searched sites like Lennar Homes to see what some of my options were. Here are some listings of Lennar Homes in Nashville.
Like many things in life there are pros and cons of renting and buying. As a home owner, a landlord and a former renter myself I want to share with you some of the pros and cons that I’ve experienced.
Renting a Home Pros and Cons
Pros
- you are not responsible for the major maintenance of the home
- when you are ready to leave your rental you do not have the stress of putting it on the market and selling
- lower cost up front, usually just a security deposit
- renting helps establish credit
Cons
- you may not have the option to cancel a lease and therefore if a job transfer occurs you may have to pay out the rest of your lease
- you are limited to what you can and cannot do to your rental home
- you are paying towards someone else’s mortgage and in the end you will not be the owner of the house nor do you build equity in that home
- you are subject to the landlords choices and decisions regarding the property
- you may not be able to control the fluctuation in rent
Buying a Home Pros and Cons
Pros
- buying a home increases your personal wealth, equity and security.
- it’s possible you can earn a profit from the sell of your home
- you have complete control over all decorating and improvement decisions. If building a new home with a company like Lennar Homes you have the ability to customize certain accepts tailored to your needs.
- successfully paying your monthly payments towards your home builds credit
- satisfaction from owning a home of your own
- you may have the ability withdrawal larger amounts of money from your equity to fund large purchases or improvements.
Cons
- as a homeowner you may have less ability to get up and move if an opportunity arises
- you are ultimately responsible for all home maintenance and the cost of the maintenance
- owning a home can be expensive you may have HOA fees, insurance costs, monthly maintenance bills and more
- you may not make a profit from the sell of your home.
Renting a home vs buying a home is obviously something that is debatable and we all have our views on what we prefer. I personally like owning my home. As a creative person who feels her home is her canvas I need… yes.. need the freedom to be able to decorate and customize my home as I want to. I also love that this is our house which we own. As much as I love my current home I long for the day that I can custom build a house to meet our families specific needs. I would really like to go through the process of building a home as well.
So tell us do you buy or rent?
Tell us your pros and cons to renting vs buying… what did we leave out?
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This is a sponsored conversation written by me on behalf of Lennar Homes. The opinions and text are all mine.
