If you’re wondering whether renting or buying a home is the best way to go, consider the following:
“A lot of people want to rent today because of the mobility,” said George Caravelli, owner of Worthington Homes, in Lakewood, Illinois. “They don’t want to be tied down, especially millennials who may want to change jobs or are just getting tired of one place. You can leave at the end of your lease and you don’t any have commitment.
“Owning is stability and freedom,” Caravelli said. “You have the freedom to decorate however you want. You have the security of walking in and knowing, ‘This is my house. I can do whatever I want.’ When you rent, it’s temporary. When you own, you can stay as long as you want, because it’s yours and you have the pride of ownership. You have to live somewhere; why not control it?”
Owning a home creates equity, appreciation in value and pays down a mortgage, noted Caravelli. “It’s a form of forced savings for your retirement. You pay off your house and you can live more easily in retirement.” Conversely, renting requires a huge amount of discipline to sock that money away for your future.
Renters may not think they’re paying property taxes, but the taxes are in the rent, Caravelli explained. Additionally, renters are at the mercy of a landlord and may have to uproot once their lease is up. There are many horror stories relating to landlords and needed repairs, as well.
“If you own, you can knock a wall down, do whatever you want. It’s yours. If you rent, you’ll get charged for hanging pictures or painting,” said Caravelli. ‘You have to return it to its original state or you’ll be charged when you leave. That’s what I mean by freedom. When you buy something new, nobody has lived there. You don’t have to get rid of somebody else’s old decorating, and it comes with a warranty.”
6962 Cambria Cove
Lakewood, IL 60014