Compare/Contrast: Rent a Home Vs Buying a House in Philadelphia

Rent a Home Vs. Buying a House

(We’re Buying Property 215, a family-owned and operated real estate company & in this blog post, we compare renting a home Vs. buying a house in Philadelphia, we’re going to break down the benefits and negatives of being a homeowner along with our opinion, our experience when we buy houses, and possible advice!) {Compare/Contrast: Rent a home Vs. Buying a house in Philadelphia!}

Rent or Buy

Once in every individual’s life span, we’re faced with the predicament of renting or purchasing a house. Deciding which choice to make from the two options may seem overwhelming, especially with no prior knowledge of real estate. Each option has many pros and cons, renting a home or becoming a homeowner. Everyone has different circumstances, so what may apply to you might not apply to others.

Benefits of Renting Property

The prominent aspect that appeals most to renters is that renters are only responsible for the rent. As a tenant, you wouldn’t face the responsibilities of paying a mortgage, property tax, school tax, upkeep, home upgrades, and repairs. In most cases, the renter’s only focus is the monthly rent and the utilities. Over time home maintenance costs tend to pile up even with a new house, such as replacing the roof roughly every 20-30 years; occasionally, you’ll need to hire a plumber or contractor to keep up with the minor repairs. Another benefit of renting is the flexibility to relocate or downsize once your lease expires. Although most landlords require a year lease to begin, some landlords allow for a month-to-month lease, which provides for little strings to be attached long term after that first year. Another benefit to renting property compared to being a homeowner is the price of insurance. The average insurance policy for single-family houses costs $1,249 per year, while to be covered as a renter can cost as little as $179 yearly! But there are also negative aspects to renting a home. As a renter, you have no control over sudden determinations made by the landlord, such as a rent increase & the homeowner selling the property! Notably, you cannot build equity if you’re renting a property. It will be your home, but it won’t be your asset. The value of properties increases most of the time, so there’s constant growth regarding equity!

  • As a tenant you’re only responsible for the rent; no mortgage payments, insurance, taxes, upkeep, or repairs.
  • Homeowners are accountable for maintenance costs; new roof every 20-30 years, plumbing upkeep, and other minor/major repairs.
  • Flexibility to relocate or downsize after the yearly lease expires.
  • Tenants have no control over rent increase, termination after the yearly lease, or if the landlord decides to sell the property.
  • It’ll be your home, but it won’t be your asset!

Benefits of Buying Property

Many beneficial aspects come with being a property owner. Owning the property you live in gives you the freedom to live by your own rules and standards. It also allows you to make any desired changes or updates. There are financial benefits to owning a house, such as tax benefits, “you can deduct your mortgage interest payments,” & you can sublease part of your property, renting it out to earn monthly profits. While owning a property, you would be responsible for upkeep, repairs, taxes, and the possibility of an increase in property tax.

  • As a homeowner you have the freedom to live by your own rules & standards!
  • Owning the home allows you to make any desired updates.
  • Financial benefits – tax benefits: deduct your mortgage interest payments.
  • Ability to sublease protion of the property: earning profit!
  • Negative Aspects: Responsible for repairs, taxes, & insurance payments!

Buying a house in Philadelphia or any other real estate market should be a well-planned process. However, it would be best if you never decided to purchase property without doing some research. For example, to investigate the overall crime rate within the area, the school district’s rating, quality of stores “grocery stores, restaurants, shopping stores, etc.”, public transportation, and neighborhood development projects.

Explore Options

If you begin the thought process of purchasing property, ensure it’s the correct decision for your household and realize the commitment that comes with owning property. Owning property is not for everyone, so weigh the pros and cons before purchasing a property. If the time comes, besides doing research, you will want to get preapproved & find the right agent to assist you with the process. We recommend purchasing the property. Over 30 years, you would pay much more to rent than to own. Owning property allows for consistent growth in assets, possible early retirement, and generational wealth!

(We’re Buying Property 215, a family-owned real estate company! We buy houses in any condition and situation! Feel free to use our blog as a source when buying a house in Philadelphia or when considering becoming a homeowner.)

Buying Property 215 – we purchase property in any condition regardless of the situation!

About Us

We’re Buying Property 215, two brothers born and raised in Philadelphia. We have years of experience purchasing & selling homes, strong knowledge of the Philadelphia real estate market, and a passion for helping others! We specialize in buying property as is, although we offer many different aspects of real estate services. We offer the traditional method of selling property: listing the property on the market with our licensed realtor. We also provide the option for homeowners to sell the property off-market in a fast manner. We will purchase your home in any condition without any repairs or required renovations. We can close on the property within three weeks or a few months. We will make you an offer regardless of current circumstances; over the years, we’ve assisted homeowners in removing themselves from damaged properties such as homes with structural issues or fire damage. We’ve helped numerous families avoid foreclosure that would’ve led to a brutal credit hit that may lead to the family being homeless. Reach out to us to discuss your best options to sell my house! Buying Property 215 is accredited by the Better Business Bureau with an A+ rating and 5-star google reviews!

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