We all know that a family’s home is very important to them. It’s where you all gather after a long, hard day at work or school, it’s where you build memories together, and it’s an important thing because it creates a sense of stability, safety, and security. Whether you’re starting a family or wanting to get a proper home for your already-large family, there are many things to consider. Things such as safety, where you’ll be living, and what type of home you’re looking for are all important considerations. However, before you can decide any of that, you need to decide whether you want to buy or rent. This can be a very hard decision, so we’ll be guiding you through the pros and cons of each option. 

Pros of Buying

The first thing that comes to mind is how many beautiful houses are currently on the market. Just have a look at these Arizona homes for sale and you’ll immediately want to make an offer. While this may be very tempting, it’s not the most valid reason for buying a home. What is a valid reason, however, is the fact that buying a home will offer you stability. When renting, there’s always a chance that the lease may not be renewed, and then you’ll be stuck without a home, which can be traumatic for your family. 

Another pro is that buying a house can be great for your credit record. Of course, you’ll need to do your financial duty in order to reap the benefits, but being able to prove that you have a house in your name will do wonders for how your finances appear and make it much more likely that you’ll get approved for loans. It will also make buying your next house that much easier, if your family outgrows this one.

Cons of Buying

You’ll be tied down. Most people who buy houses, buy them for the foreseeable future. Unless you have experience with flipping houses, it’s not advisable to sell your house too soon after buying. This means you’ll need to commit to living in that house for an extended period. You may not be able to move to a new city, which means that may need to turn down job opportunities or other experiences if it means you need to move. Buying a house should be something you do once your family has decided where to settle because you are essentially tying yourself to that house. If you buy a house without thinking of the future, you could be losing money. 

Another thing to consider is the fact that your risk is much higher when buying a house. When buying a house, you’ll be spending a lot of money on once-off costs, as well as your monthly repayments, and you’ll likely be committing to this for a while. This means that if things go wrong, you can’t just sell your house, since you may end up losing more money. You’ll need to evaluate the financial risks of buying a house and see if you can afford to take that risk. 

Pros of Renting

While buying a house may save you money in the long-term, not everyone can afford the many once-off payments that come with the house. There are also often hidden expenses when buying a house, so you’ll need to over-budget. Not everyone can afford to buy a house. They may not have enough money, or they may feel that the risk is too big. In these cases, renting is a much cheaper short-term solution than buying. You’ll also have the freedom of moving to a cheaper place much easier than you would be able to do if you were a homeowner. 

You also need to keep in mind that you won’t have as much responsibility or risk as you would if you had to buy a home since the risk falls mainly upon the owner or landlord. Of course, you will need to take responsibility if you break something, but if something happens and it’s not your fault, it’s not your responsibility to fix it – it’s the owner’s or landlord’s. It’s wise to have a good relationship with your landlord so that you can tell them openly about any problems or concerns you may be having. To do this, you’ll want to show them that you’ll be a good tenant.

Cons of Renting

You don’t have an asset when renting. When buying, you’ll be paying off your house. This means you’ll have something to show for your money; something you can sell again if necessary. However, that’s not the case when renting. You’re either paying off someone else’s mortgage, or it’s already paid off and you’re just paying them. This means that you can spend thousands on rent for many years, and have nothing of value to show for it. This will also negatively affect how your financial situation will look, as having assets is always a good thing. 

If you’re looking for another reason not to rent, here’s one: there are rules. When you have your own house, you can do what you want, when you want it, how you want it (within reason, of course). When you’re renting, you’ll need to ask for permission before you make any changes. This means that you may not be able to do your home décor in the way you want if there’s a rule that you’re not allowed to hang things on the wall. Or it could mean that you’re not allowed to have pets. Unfortunately, when you’re renting, you’re living in someone else’s house and thus have to abide by their rules. 

In Conclusion

What’s best for your family will ultimately depend on your financial situation and your long-term goals. If you can afford a house, and you don’t plan on making any moves soon, you should buy. Buying is generally the best option. However, if you can’t afford to buy, or you’re not ready to settle down and commit to one place yet, renting is just as valid an option. Have an open conversation with your family, talk to a financial advisor, and have a look at your options. Remember that each family is different, so you need to do what’s right for yours.