“My dream is to have a house on the beach, even just a little shack somewhere so I can wake up, have coffee, look at dolphins, be quiet and breathe the air.” – Christina Applegate

How many times have you thought about this? Countless!

We all have dreams about buying the perfect house and truly making it a home. Becoming a homeowner is the American Dream and many people save for years, just so they can buy a home for sale in Farmington Hills, Michigan.

However, when it comes to the question, should I buy or rent, many people take the latter route. Why is that? If we look at the pros and cons, buying a home is a safer option, one that secures yours and your family’s future. When it comes to renting vs. buying, it is a decision that we cannot make for you.

Let’s have a look at the benefits both these options offer and then you can decide which one is better:

Savings – What the Future Looks Like

Buying

Building Equity

When you invest in a property, you are not just buying a roof over your head but something huge that has the power to secure your future. Equity is all about how fast you will make your monthly payments. Once you have paid the entire mortgage, you get one of the biggest benefits: instant cash. You can now take out a loan on the house and can even sell it easily.

Renting

Zero Equity

It’s simple: since the place is not in your name, there’s no equity involved. However, you do get to live freely if you don’t count the increase in rent after every two years, maintenance, the no-pet policy (in some places) and more. If you have a steady job, you don’t need to worry about cutting your expenses.

Cost Benefits

Buying

Can Be Used as a Second Source of Income

One of the best benefits of buying a home for sale in Farmington Hills, Michigan is that if you do lose your job, you have an opportunity to get paid through your house by renting a portion out. This way, you won’t face any delays in making the monthly payments. However, you will have to screen the buyers, to make sure that they don’t leave any big damages behind when they move out.

Renting

Free Rein

There’s no paperwork involved in renting. All that is required from you is a signature on the yearly contract and you can keep renting the place. The rest is handled by the landlord.

Freedom

Buying

You Can Decorate the House to Your Heart’s Content

You bought the house and the deed has your name on it so, you can decorate it in whatever way you want. You can make additions to the house and increase its sale value, which will benefit you when the real estate market is on the rise.

Renting

Temporary Comforts

The place you are living in is not your property, which means you can’t make any changes to it unless you have the landlord’s approval.

So, what option do you think is better? We have given you the pros and cons. Now, all you have to look at is your budget and future plans. Before buying a home for sale in Farmington Hills, Michigan, visit Homes2MoveYou. Get in touch with a real estate agent and find the house of your dreams.