Owning or Renting: Which is Better in 2019?

real estate agent and client shaking handsThere’s always regret attached to a major decision. When you have options, and you cannot choose all of the above, you will regret the things you cannot get. It’s up to you to make the best decision so that the regrets won’t be too big and costly.

Now, which would give you a bigger regret in 2019, owning or renting?

The Complicated Case of Home Ownership

It’s easy to jump to the conclusion that home ownership is better because you own the house after you have completed all mortgage payments. However, home ownership comes with maintenance expenses, and there is no landlord to handle repairs if something falls apart. Does this mean renting is more favorable? With the available mortgages in Salt Lake City, you can be the proud owner of a house of the right size without feeling the weight of the cost. This is relative to renting, of course, which is becoming more and more expensive these days.

According to homeowners, the more common regret is either that they bought too little or too big. They also would like to have renovated more or renovated less.

The Expensive Renting Situation

Who would want to pay an expensive rent for a house that will not belong to them in the end? This is the dilemma most renters face. They do not have enough protection against rent increases, and if they cannot afford it, they will have to look for a new house. A mortgage, on the other hand, can be either fixed or adjustable. If you have chosen a fixed-rate mortgage, your payments will not fluctuate as much.

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Renters also have limited capacity to renovate the house, which is a major regret on its own. Essentially, a renter is living on borrowed space, one they are supposed to take care of, without any form of ownership on it.

As the end of 2018 nears, many will want to start over anew. Use these remaining months to list the regrets you don’t want to have while choosing a place to call home.