Which is better: Renting or buying? If you’re considering a move to a new living space, you are probably weighing these two options.
At Mitten Made Properties, we know the Metro Detroit real estate market in depth, and over the years we’ve seen the pros and cons of both buying and renting.
Renting Pros
- No property taxes
- You’re not stuck with a depreciating home
- Repairs are paid for by the landlord
- No down payment
Renting Cons
- Annual rent increases
- Doesn’t build equity
- Can’t customize property without owner’s consent
- Pet restrictions
Buying Pros
- Builds equity
- Lower monthly cost for larger house
- Pride of homeownership
- Customize your living space
Buying Cons
- You pay for all maintenance and repairs
- Possible homeowner association (HOA) fees
- Large down payment upfront
- Risk of decreasing value
- Property taxes
In our opinion, buying is a good idea if you can afford the down payment and don’t mind taking on the risking of owning the asset, while renting is a good choice if you can’t afford the down payment and/or don’t want to be responsible for the value of the asset.
Now, whether you decide to move into a rental or purchasing a new home, if you need to sell your current Michigan house, give Mitten Made Properties a call at (248) 883-3340 — we specialize in helping people sell their homes fast and as-is for a fair cash price!