Renting vs. Buying a Home

Our Property Inspector Knows What’s Best for You

Whether you rent or buy a property, you will definitely need to hire a licensed property inspector first to make sure that the house or apartment is in a good condition and that you will not have to deal with any electrical, plumbing, and other issues any time soon. Today, the specialists of Duval Home Inspection Inc will share with you some of the benefits and disadvantages which both renting and buying a home has!

Homes for sale
ADVANTAGES:

  • Property builds equity.
  • The monthly mortgage payments remain the same over time if you have a fixed rate mortgage.
  • You are free to change its interior decor and landscaping without consulting anyone.
  • You have a better sense of community, stability, and security.
  • You do not depend on landlords.

DISADVANTAGES:

  • You are responsible for all of the property maintenance which means that you will not only have to find contractors to do it but will also have to pay them.
  • You will have to pay property taxes every year.
  • There is always a risk of foreclosure and loss of equity.
  • You are less mobile and will not be able to change your town of residence as often as you wish.

Homes for rent

ADVANTAGES:

  • You will have little or no responsibility for the maintenance of the property.
  • It will be easier for you to move if needed.
  • In most case you will have to pay lower monthly costs than you will need to pay if you purchase a similar home in the neighborhood.

DISADVANTAGES:

  • No equity build up.
  • No tax benefits.
  • No control over rent increases.
  • Possibility of eviction.

For more information about properties for rent and sale in Jacksonville FL, you can always contact a property inspector from our team!