Many individuals are on the cusp of deciding whether to rent or buy a property. This is a difficult question that has a different answer for everyone who asks. Although renting is a great way to set aside money and avoid paying property taxes or homeowners’ insurance: owning a home often feels like a necessary step in adulthood for most of America.
These are some of the most important pros and cons, and why you must think about them when making your decision.
The Prices for Properties Continue to Rise
In New England, houses are continuing to rise in price. Part of this is due to the pandemic housing bubble, and part of it is because of how many people are moving east. Many people are leaving more heat-laden areas of the country and aiming for states capable of predictable weather.
From your Portland, Maine, apartment, you won’t notice as many random heat occurrences, but you’ll still have rough winters. Before leaping at a location because of how mild one season is, research the weather for the area through the whole year and decide what suits you best.
Fortunately: this means that if you buy a property now, your home’s value will rise over time. Although there’s no clear and honest way to predict how the housing market will play out, home prices have risen an incredible amount in recent years, and there’s nothing to show that they won’t continue to grow.
It’s Cheaper in the Short-Term to Rent
Renting may not allow you to invest in a property, but it does allow you to save money in the short term. Unfortunately, most of the housing in New England is more expensive to make house payments on than it would be to rent in recent years. This means that it’s cheaper for now to rent, and if you’re worried about up-front costs, this can be a huge deciding factor.
Unfortunately, that money isn’t being invested. So in the long term, renters are paying into their landlords where they’ll never see any return besides the ability to live where they do.
Winters Can Be Hard on Properties
If you own property, the weather can be harsh on your land and the building on it. This can lead to flooding, wood and cement cracks, and even pipes bursting in cold weather. New England has its share of harsh winters, and owning a home in this area means owning the responsibility of whatever happens to it.
Of course, homeowner’s insurance can help a lot with this, but you still have to deal with the stress of repairing your property and recovering whatever lost or damaged belongings you can.
Owning Gives You The Chance to Own History
Living in New England means you’re living in an area that’s been inhabited for over 400 years. The oldest house in the USA is in New England, called the Fairbanks House in Massachusetts: so your chances of getting an older property are high. Owning a home in New England allows you to own a home that’s been lived in for over a hundred years, and there’s something incredible about that.