Although owning your own home is comforting because you can call it your own, renting is a much better option for people under 30 who are just starting their careers because the tenant has less to worry about and isn’t tied down to once place for 20 to 30 years. The option of renting is better because utilities are usually cheaper, the landlord covers repairs, and for a small monthly fee snow and garbage removal are included. When a person owns a house, none of these things are included which can take up the homeowner’s time and use a lot of their money.
Home buying is a strenuous process that is lengthy and requires a lot of thought. First the person looking to purchase a home must find a realtor to help them on their search. A realtor is a paid consultant that assists a buyer in the search for the perfect home. Once a person has found the perfect house they must make an offer. The offer is a short page that the potential home buyer must sign and it is sent to the seller. The seller can accept, reject, or counter-offer, but until the seller returns a document, the buyer must wait, thinking about the unknown. Once an offer is finally accepted a down payment must be paid (this amount varies but it’s usually 5-10% of the final sale price), an extensive amount of paperwork must be signed, dated, and reviewed, and a home inspection must be done. Once these steps are completed in their entirety, the buyer is now a home owner.
Renting a place to live is much easier and more simple than purchasing a home. When a person decides to rent they have many options to choose from such as homes, townhouses, duplexes, condos, and apartments. Once the renter has settled on a choice they call the landlord and let them know they would like to put in an application to rent their property. After the application is filled out and filed the renter will know within a matter of days if their credit is worthy and their references were good. If this occurs the renter will pay a security deposit (about one month’s rent to cover any damages that may occur while the person is living there), obtain the key and move in. Very simple, definitely not as much paperwork and stress, and there are no realtor fees involved (unless the renter decided to hire an agent to help in the search).
When a person buys a house a lot of responsibility comes with it. The owner must attend to all maintenance such as landscaping, repairing things that are broken such as shutters, windows, and doors, as well as paying for the utilities like water, sewer, gas, electric, cable, internet, and other bills that involve owning a home. Garbage and snow removal are the owner’s duty as well as fixing plumbing, electric, and any appliance issues. The owner has the ability to hire the required people to fix these issues but it becomes increasingly costly and time consuming since the owner usually has to be there when the repairs are being done.
Renters have it much easier when it comes to problems around the property. The easiest way to put it is that they don’t have to do anything. When renting, the agreement usually states that the landlord must take care of all issues of maintenance and repairs that need to be done during the course of the tenants stay in the building. These repairs come at little to no cost to the tenant because the rent and security deposit will cover it. Although it is common for the tenant to have to pay their own utilities such as those listed in the above paragraph, sometimes utilities are all inclusive so the renter has only one monthly payment for a slew of items. This option offers convenience to the renter so they don’t have to write out five or six checks a month and it’s much easier to keep track of because everything is listed on one bill.
When buying a home a person must take into account the extra expenses that many don’t think about. Taxes on the home and land, personal property tax (only in some states), and interest rates can all increase at any time and cost the homeowner more than what was originally expected. If a buyer based the monthly payments on their annual income, and the payments increase because of interest rates, the owner may not be able to make up the difference. Add on all of those taxes mentioned earlier, and the amount the owner is dishing out could increase by $200 to $300 monthly.
Renting on the other hand will never have tax increases or interest rate inflation. When a renter signs the rental agreement there is a clause that says their rent will not change over the course of the agreement so their payments will remain the same over the lease period. Renters will never have to worry about not having extra money because they have to pay their personal property tax twice a year. The landlord takes care of all of these things when they write out the agreement and they make sure they are charging enough rent to cover any hikes in taxes or interest rates.
Home buying can be a good thing for those over the age of 30 who have developed a career and have a bit of money saved up for a down payment on a house. People over the age of 30 are normally more mature and responsible with their finances so they can make wiser choices when buying a home. A person who is over 30 has decided what they want out of life and usually they know where they want to reside. Buying a home is a good option once a person has chosen a local that fits their wants and needs. They can start a family, make improvements to the home to their liking, and eventually retire in the house they purchased.
Renting is a much better option for those who are 30 or younger. Now that young adults have the option to go back to college, many are in their upper twenties. During this time, buying a house would not be a good option because a person may want to continue their life in a town other than the one they attended college in. While they are in college, renting in a much more affordable option because the renter wouldn’t be tied down and they wouldn’t have to worry about taxes. Young adults also like variety in their life, so after a year, the person could move to a different rental unit to help satisfy their craving for versatility.
When a person decides to leave their home for good which can happen anytime after the purchase, they must go through a selling process. The selling process is a very long process that doesn’t always work out for the best. When a person decides to sell their home, they must contact a real estate agent and pay fees to them so the agent can list the home on numerous websites and in real estate papers. After this happens the seller can have an open house so people can view the home and see if they would like to purchase it. The homeowner must make the house presentable and likeable so the public will view the house as their potential new living space. After a seller has a potential buyer the process of buying a home starts over, but with a new person. The seller then has to sign more papers and eventually give up the property they have tended to for a number of years.
When a person decides to leave a rental unit, it’s much easier. The landlord will inspect the property to locate any damages. If none are found, the renter may get their security deposit back which can assist in the cost of moving their belongings to a new location. The keys are returned to the landlord and the renter is then able to leave. Although renters are usually required to give at least a 30 day notice before vacating their property they can avoid this if need be by paying the landlord an extra month in rent and vacating whenever they have to. No real estate agent is involved in this process and it’s very simple to change locations.
Home buying is an option that those over 30 should definitely consider because of their financial status and dependability. Renting is a much better option for those under 30 because of their need for versatility and the cheaper price tag for an apartment. Either option is an exercise in responsibility, financial burden, and ownership; renting just happens to be the better of the two if a person is under the age of 30 and just starting their life.

