Money-Saving Reasons Why You Should Stay A Renter Vs. Buying A Home

Deciding to buy a home can be one of the biggest decisions in a person’s life. While owning property is one of the key aspects of the American Dream, recently, it seems that renting has become the more popular and financially safe route. Yes, owning a home comes with a certain sense of pride, privacy, and success, but there are numerous responsibilities and financial costs that make renting seem like a better choice. Read on to learn about some of the lesser-discussed costs and unexpected burdens that come with being a homeowner and decide for yourself if it’s really worth it.

You’re Going To Need To Pay For Home Inspections

Inspections
Fairfax Media/Fairfax Media via Getty Images
Fairfax Media/Fairfax Media via Getty Images

Say you’re in the market to buy a house, you make an offer and are accepted. Now, one of your first expenses on your new potential home is an inspection, if not one, then multiple. Before you close on a home, hiring someone to perform an inspection is important so they can catch anything about the structure that may needs repairs or will otherwise become a problem in the future.

General inspections are at least a few hundred dollars. If you want a termite inspection or other specific inspections, this will cost more, leading you to potentially spend thousands of dollars before you’ve even purchased the home.