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Renting vs Buying a Home: 4 Questions to Ask Yourself Before Making the Decision

Just store It | Jan 28, 2020

You’ve rented a home for a few years, and you’re starting to think it may be the time to buy. But, how do you know if it is the right decision for you? Before buying a home, it is important to answer a few questions to make sure this is the best solution for you. Are you interested in learning more? Read below!

Renting vs Buying a House

1. How Long You Will Stay in the Home?

The first factor to consider when choosing whether to rent or buy is how long you’ll be staying in the home. The amount of time you plan on staying in the home can directly impact the cost. When buying a home, many people forget about all of the initial fees involved on top of the purchase of the home. When you stay in a house longer, you’re able to spread these payments over a wider timeframe, making the cost easier to manage.

2. How Much Control Do You Want?

When you move into a rental home, you are very limited with the changes you can make to it. If you are looking to make the space your own, buying is the best option. When you own the property, you are free to make additions, renovations, change the paint colors, layout and more.

How Much Responsibility Do You Want?

There is also a great deal of variation in the amount of responsibility homeowners vs renters have. For example, if you own the house, and there’s a leak in the roof, you are responsible for the cost. If you are renting the house and there’s a leak, you can just call the landlord to have it fixed. The same goes for other household maintenance that may come up.

How Much Are You Willing to Pay Upfront?

When you purchase a home, there are a lot of upfront costs associated with it. For example, there are closing costs, a down payment, appraisal cost, home inspection, homeowners insurance and more. These costs can really add up if you’re not prepared.

Homeowners and Renters Can Benefit From a Storage Unit Rental

While the decision whether to buy or rent may not be clear for many homeowners or renters, renting a storage unit for additional household storage is. A storage unit rental allows homeowners and renters to store seasonal decorations, clothes and sporting equipment as well as other items that they don’t want to clutter the house.

Just Store It has storage facilities in Clarksville, TN, Fort Collins, CO, Johnson City, TN, Kingsport, TN and Palm Desert, CA. Our storage facilities have many different sized storage units available, including the 5x5, 5x10 and 10x10 storage unit. Reserve your storage unit today!