Deciding whether to rent or buy a home can be a really tough decision. It’s a decision that can affect your finances and lifestyle. As a renter, I know how important it is to weigh out the pros and cons of each option so you can make the best choice for yourself.
Whether you’re a first-time homebuyer or a seasoned renter, there’s always something new to learn and consider when choosing which option is better for you. So, let’s dive in!
Pros of Renting
- Fexibility: Renting gives you the freedom to move around more easily.
- Lower upfront costs: Renting can be a good option if you're not ready to commit to a long-term investment and would rather spend your money on avocado toast and lattes from Yinz.
- Maintenance and repairs: As a renter, you can sit back, relax, and let us handle all your maintenance requests and repairs. Just don't expect us to walk your dog too...
Cons of Renting
- No equity: Renting is a practical solution for immediate housing requirements, if you’re new to an area, or you’re just not ready to be a homeowner - however, it may not present the same long-term financial benefits found with buying.
- Limited control: Sometimes you can feel like you’re living in someone else’s home. You may not be able to make certain changes or updates without your landlord's approval.
- Rent increases: Your monthly budget may need to be flexible when it comes to renewing your lease. Sometimes your rent may increase by a small amount each year and this is important to consider depending on how long you plan to stay in your apartment.
Pros of Buying
- Equity: Owning a home means you’re building equity, which is like having a personal piggy bank that grows over time.
- Control: As a homeowner, you can finally live out your Pinterest board dreams. Just make sure if you’re doing some home-improvement, you don’t knock down a load-bearing wall.
- Stable housing costs: With a fixed-rate mortgage, your monthly housing costs won’t change and you don’t have to worry about an increase for years to come.
Cons of Buying
- High upfront costs: Buying a home requires a significant upfront investment.
- Maintenance and repairs: As a homeowner, you’re responsible for all the maintenance and repairs, which can feel like you’re the one being held accountable for the Titanic sinking.
- Less flexibility: Owning a home is a long-term commitment, and if you need to move quickly, there’s stress of having to sell your home asap. Basically if you have commitment issues, think LONG and hard about it…don’t ignore the pros and cons like you do the red flags in your dating life.
In the end, whether you decide to rent or buy a home, this is a decision that can impact your life in numerous ways. I understand how tempting it can be to prioritize flexibility and lower upfront costs, but I also understand the appeal of owning a home and the freedom to do whatever you want in your space.
Consider your personal circumstances and priorities. Think about what's more important to you and what will make you feel the most secure mentally and financially.
Employees & 24/7 Maintenance: Our staff is dedicated to doing more than just signing leases and completing maintenance orders, they are here to show you we care and we want to make your experience in your home a great one. Our Emergency Maintenance team is available 24/7, so we will never leave you hanging.
Walnut Perks & Ambassadors: We have a perks program where residents receive exclusive deals at retail, services, and restaurants across the city. Who doesn’t love free stuff and a good discount? We also have an ambassador program where residents apply and become an extension of our social media presence and post photos in return for rent credit.
Pet Friendly: We can’t forget to highlight our pet policy. Most of our apartments and townhomes welcome dogs and cats, and we’re sure to provide them with dog washing stations and the occasional yappy hour to mingle with their furry friends. Not to mention, many of our properties are steps away from parks and have their own little outdoor spaces.
The list goes on and on…but regardless, this is a huge decision that depends on your situation and needs. There is no one-size-fits-all answer when it comes to renting vs. buying a home. Take the time to weigh out the pros and cons above, and be sure to do more research before making the choice that feels right for you!