Should I Buy or Rent?

Are you looking for a new home this new year? If so, your first step will be to decide whether to buy or rent? This isn’t always the easiest decision to make considering the many factors involved such as price, location, size, and features. To help you make this important decision, here are some key differences between buying vs renting you will want to consider.

Reasons to Rent

Since many people choose to rent before they own, let’s look at renting first.

Less responsibly
The biggest reason why people choose to rent a home before owning a home is due to fewer responsibilities for the tenants. A nice perk of this is that the property management company has staff and vendors who take care of maintenance issues or repairs such as a broken A/C or water heater. EPIC Management takes pride in quick repair and maintenance when tenants make a request. With less upkeep to worry about like mowing and shoveling, renting can be a good option for people who work evenings and weekends or who travel frequently.

One payment
Typically, when you rent, all your amenity payments are lumped into one check a month. This saves the time and hassle of sending multiple payments for amenities such as energy and internet. Most of EPIC’s properties include internet access. A few properties such as Vanne, are all-inclusive. Plus, your monthly expenses are predictable because they will always be the same in accordance with your lease. Predictable expenses are helpful when budgeting.

Amenities
A great advantage of renting is the added amenities. Many of EPIC’s apartment communities offer fitness centers, community rooms, underground/garage parking, laundry in-unit, rooftop patios, and more. When you rent with EPIC Management, tenants can receive newsletters with fun information about their local community.

Reasons to Buy

Now let’s look at buying a home.

Build wealth
There are many benefits to buying a home; the biggest is the ability to build wealth. Homes can increase in value; therefore, you are basically investing in yourself. With homeownership, you can keep some of your mortgage payments.

Freedom
When you own a home, you have the freedom to decorate and customize it to make it your own. For example, you can switch up the paint color, build a shelf system, or hang a new picture. When you are a renter, you could be penalized for making these changes in an apartment because it may cause damage.

Long-Term
Owning a home doesn’t expire, so homeownership is a great option if you are ready to settle in one location. Living in a neighborhood or community of homeowners can give a sense of stability and pride of ownership.

Deciding between buying vs renting isn’t only about money. It’s about comfort and the vision you have for your life.

Ready to make your decision? EPIC Companies offers a variety of apartments to rent and upcoming condos to own.