The Pros and Cons of Renting and Home Ownership

When searching for a place to call home, one of the most important decisions is whether to rent or to put down roots and purchase a home.  This article aims to point out some key differences between the two and to provide insight on which option might be right for you.  Key considerations that may influence your home search process include recurring expenses, access to amenities, and whether you prefer living in a community atmosphere or in a single-family home.

For most, the largest portion of the household budget is spent on either the mortgage or the monthly rental payment.  So, it follows that expenses will be a big factor in deciding between leasing or home ownership.  Specifically, how taxes and insurance, and maintenance of a purchased home differs to the relative flexibility of a leased property.

A stark difference in cost when comparing leasing to ownership is the amount you pay in taxes and property insurance.  Traditionally, property taxes and insurance are paid by the owner of the property. In this instance renters are spared this expense except for being required to provide renter’s insurance for the personal property in their unit.  Another important distinction involves maintenance requirements.  Since tenants do not have ownership of a unit, the owner has certain responsibilities to keep the property in repair.  The landlord, or property manager, oversees most major maintenance expenses including roof repairs, structural problems, and preventative maintenance, whereas homeowners are responsible for these costs themselves.  Since most residential leases are one-year terms, those who need flexibility may prefer this option to the alternative.  One of the major benefits of ownership is that it allows you to build equity in your home with each payment made and reduce the amount owed, until the property is owned free and clear.

Available amenities are another factor to consider while making the decision to rent or purchase a home.  Pools, fitness centers, media rooms, and resident clubhouses are oftentimes what makes living in apartment communities desirable.  Because the costs associated with using the amenities are included in rent, residents can enjoy the luxury of having these amenities at their fingertips without the added stress of upkeep.  On the other hand, homeowners can enjoy their amenities such as a pool or back-yard privately rather than having to share with neighbors.  While they can enjoy this privacy, they are also responsible for the routine maintenance associated with these features. Homeowners are also able to use the amenities without any rules or restrictions often enforced by an apartment community.

                Finally, you may want to consider the amount of freedom allowed to make changes to your living space while deciding whether to rent or buy.  Many landlords are very strict when it comes to renters making significant structural changes, renovations, or décor changes to the property.  Bound by the terms of the lease, tenants are often unable to make changes as they would like while in their rental home.  Homeowners, however, legally own their home and can decorate, renovate, and make changes at their desire. To some, the freedom to express themselves is a very important part of transforming a living space into a home.

There are many factors that play into making housing decisions.  It is recommended that you consult with a REALTOR® when deciding which option is best for your current situation.  Happy house hunting!

FIRST FRIDAY CONCERT SERIES

Come join the fun at the Farmers Market in Downtown Dublin! June brings the musical talents of the group Maples Crown.  Did we mention that there will be free craft beer (while supplies last).  Thanks to all the folks with the Downtown Development Authority and the sponsors for putting together this great event.

HAPPY MEMORIAL DAY TO ALL

Happy Memorial Day 2018 to all!  We wish everyone a very safe and happy holiday weekend surrounded by family, friends, fun times, and hope that you make some great memories together.

We also wish to extend a very special thank you to all U.S. servicemen and women past and present.  Thank you for providing each of us the freedoms that the citizens of this great country enjoy each and every day.  God Bless America!!!

Photo courtesy of the Western Journal.

2018 DLC Chamber “Hot Topics” Legislative Update

Thanks to Oconee EMC and Altamaha EMC for sponsoring this year’s legislative hot topics event hosted by the Dublin-Laurens County Chamber of Commerce.  State Representative Matt Hatchett and State Senator Larry Walker spoke and provided an update on the recently ended congressional session.

Topics discussed were the new distracted driving initiative, the increase in revenue across the state, and the status of several capital projects in and around Laurens County, among others.

Thanks Rep. Hatchett and Sen. Walker for your service to our district!

Photo by Payton Towns, Courier Herald

AVAILABLE HOMES UPDATE

MSV UPDATE!!! Our available homes tab has an updated brochure with updated pictures of 103 Village Drive.  Click the link for updated interior pictures and information about the Moore Station Village community.  To request more information, please call Christi Caneega at 478-272-9000.

PIG PICKIN’ AND OPEN HOUSE

Join us tomorrow April 17th to enjoy another edition of the Dublin-Laurens County Chamber of Commerce’s annual Pig Pickin’!  We will also be holding an open house at 103 Village Drive from 5-7:00 p.m.  Come and enjoy some delicious food and great company while enjoying all of the benefits that your new home at Moore Station Village has to offer.  See you tomorrow!