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Buying Versus Renting In Galveston Texas
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Buying versus Renting

Key Advantages to Renting or Leasing a Property

  1. Staying flexible
    The most important advantage of rented property is its flexibility. Most tenancies are of six or 12 months duration. At the end of this period you can walk away without any further cost or obligation. If your future plans are uncertain, you may find that renting a property is a much better bet.
     
  2. Moving fast
    It is usually possible to move into a rented property within a few days of seeing it. Buying a property usually takes three to four months. If you are in a hurry to move, a rented property might be a useful stop-gap.
     
  3. Convenience
    Repairs and maintenance are usually the responsibility of the landlord. This could be important if you work very long hours or don't have the inclination to undertake or supervise repairs. It also makes it easier to plan your budget accurately.

Key Advantages to Owning a Property

  1. Capital growth
    If you rent a property for 25 years, you will end up with nothing. If you buy the property, at the end of the mortgage term you will own it outright. The opportunity to achieve a capital gain in this way is, for many home owners, the single most important factor behind their decision to buy their own property.
     
  2. Assessing cost
    In the long term buying a property will probably cost less than renting one.  However, another factor to take into account is the costs associated with buying and reselling a property. If you expect to stay in the property for less than two years it would probably be cheaper to rent than to buy.

Other Factors To Consider

In addition to the financial arguments there are some important emotional factors to consider.

  1. Being disrupted by repeated moves
    Many rented properties are only available for a fixed term. If you choose to rent a property, you are far more likely to have to face the stress and disruption of further moves.
     
  2. Decorating
    You will not usually be allowed to change the decor of a rented property. Many people find that they cannot feel truly at home until they have decorated to their own taste.
     
  3. Caring for furnishings
    Most furnished properties come with carpets and curtains and many are fully or partly furnished. The need to be constantly careful to protect someone else's furnishings prevents many people from feeling fully at home in a rented property.
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