If you are getting ready to move out of the place your family is currently living in, then you may be going back and forth with whether or not your best bet is to go into a rental or to buy your own place. Considering the benefits renting a place offers and the benefits buying brings, and then comparing them against one another can lead you to a decision. Here is a list of both the benefits of buying a home and the benefits of renting a home:

The benefits of buying –

• You will have pride of ownership
• You won't have to follow as many rules when you are the owner
• You can live there as long as you choose to and move when you decide it's time
• You can make upgrades or changes without asking anyone's permission
• You will accrue equity while you live in the home
• You can turn the home into a rental in the future and earn income from it
• You can use the land for the purposes you want
• You can get pets without asking anyone else if it is okay
• You can move people in or out without worrying about landlord approval
• You can fix the house up to increase its value and then sell for profit

The benefits of renting –

• You can rent for a short period and move easily
• You will call someone else to deal with problems that need to be repaired
• You can extend your lease as needed with the manager's approval
• You may not have to worry about taking care of the landscaping yourself
• You can find a rental that's short term if that is what you currently need
• You can find managers or owners willing to sign very long leases if this is what you need
• You may not have to pay for all of your utilities and other services
• You will have a place to live that's not going to depend on a sale in order for you to move
• You can call the manager to deal with any pest removal issues you run into

Conclusion

Luckily for you, there are perks to both renting and buying, it's really all up to timing and what it is that you and your family are needing at this point in time. Should you decide to rent or buy, you can always lean the other way in the future when the time is right for you to go that route instead. To learn more, contact a real estate consultant in your area.