Renting vs Buying

Welcome to the charming borough of Elizabethtown, a steadily growing area in Lancaster County. Lovingly referred to as E-Town, Elizabethtown is home to a variety of attractions, from the nationally renowned Elizabethtown college to the collection of microbreweries and local boutiques. We can't wait to help you find your place to call home here! 

As you begin planning your big move to the area, you might be trying to make a choice between renting or buying your new home. There are tons of benefits to both options, but in the end it really depends on what's best for your situation. If you're still wondering whether you should commit to buying or renting, take a look at how we breakdown the decision for the Elizabethtown area. 

The Cost

Buying

No matter what your life situation may be, buying home is almost always an intimidating process. From the downpayment to due diligence to any additional fees, the numbers can start to add up. But in many cases, the long-term cost of mortgage versus rent ends up being fairly similar. Plus, when it comes to a mortgage, you don't have to worry about unexpected price increases, whereas rent is subject to change based on the economy and area. 

Renting

For many people making the renting versus buying decision, the down payment is the decision-making factor. With rent — although it's likely to occasionally increase — it's easier to budget those smaller monthly payments, even though they can be more unpredictable that a fixed mortgage. Plus, since you typically don't have to worry about making your own repairs, there's less of a chance of unexpected issues throwing a wrench in your budget. 

The Benefits

Buying

One of the greatest parts of buying a home is that all of your payments go towards ownership. In addition to being able to customize your space more, the mortgage you pay every month will eventually come back to you in the form of equity. Plus, making those payments gives your credit score a nice boost!

Renting

When it comes to renting, you don't have to worry about the same expenses and upkeep that homeowners do. That being said, you are much more limited when it comes to making the space your own. Of course, if you don't like the look of the apartment you're in, you can pick up and move, but that can be inconvenient and expensive.

The Freedom

Buying

Are you interested in testing your DIY skills? When you own your home, you're free to explore all of the freedom that comes with it, from new coats of paint to renovating entire rooms. You'll never have to worry about loud upstairs neighbors, paying extra for a pet, or being subject to the changes your landlord wants.

Renting

The biggest freedom that comes with renting is the ability to pick up and move as soon as your lease is up. But starting a new lease means expensive deposit fees, long days of hauling boxes, and setting up your home all over again. Plus, if you have pets you may need to pay extra just to have them indoors. 

More Questions on Buying vs. Renting in Elizabethtown?

If you have any other questions or concerns, the John Smith Team has got your back. For us, the most important thing is to find a home that best suits your current living needs, whatever they may be. To learn more about the benefits of buying vs. renting in Elizabethtown, PA, contact our team today!