Renting vs. buying – New Jersey edition

So, you are thinking about moving and you are not sure whether you should buy or rent a home. You might have friends who are claiming that buying a house was their best decision ever. On the other hand, there are people who are telling you that renting is much easier and simpler. We will provide you with all the information about renting vs. buying, but in the end, it is up to you to decide.

Renting – good and bad sides

Before you make a decision you need to know all the information about renting in New Jersey. You might be thinking about moving to New Jersey or moving your business to New Jersey but before you make any steps towards it you need to clear your mind and make a decision based on facts. There are numerous sites that provide you with the information about taxes if you are moving your business. Also, there are numerous sites where you can search for renting vs. buying and they will give you estimated savings in both scenarios.

Apartment building in renting vs. buying

Apartment building

Good sides of renting

When it comes to renting, it is much easier then to buy a place. In New Jersey when it comes to renting vs. buying a house- there are still a much larger amount of people that would rather buy a house than rent. But when we just look into the statistics that include young people – millennialsthey would much rather rent a house then buy it. They do not want the obligation that comes with buying a house, all the credits and taxes and expenses. But although it seems much easier there are some things to do if you decide to rent an apartment.

So, when it all comes together here are the main reasons for renting a house:

  • Flexibility. You can just leave and search for a new home if you get a new job, or you just like to move and explore all the options.
  • Moving out is much easier. You don’t need to find buyers or someone to take over the lease. You just leave and this now becomes the responsibility of the landlord.
  • Not spending money on any maintenance work. If something breaks – it is not up to you to repair it. It is covered by the landlord and his insurance.
  • Living in your favorite neighborhood that you might not be able to afford in case if you are buying a house. Renting is much cheaper in that case.

Bad sides of renting

So as there are good sides- there are bad as well. Some of them you can avoid, or make a deal with the landlord. Usually, you can’t renovate or change anything at the property you are renting. There are some cases when you can – but you need to get a permission from the landlord. You do not have any guarantee that the lease will be renewed once it expires. Usually, there is a rental agent who, well, to be honest, can slow down the process a little bit.

Buying a house – good and bad sides

When it comes to New Jersey, depending on the county there is a difference in renting vs buying a property. There some often shiftings at the market that are depending on a lot of factors. There is actually research about every county in New Jersey about this subject.

Key of your home

Key to your home

Good sides of buying a house

When you decide to buy a house, just the thought of moving makes you anxious, so even that might be “a bad side”. But that is not true, there are companies that will help you, for example, relocating to Hoboken, NJ hassle-free. We are taking Hoboken as an example since it is good for buying a house, says the research. You can actually move without having to think about one single thing besides packing. So, write off that as a bad side. It is actually easy.

  • You can renovate anything that you want. Literally.  You can adjust the house to your needs and ideas.
  • You are definitely saving money this way. Tax deduction, you can actually improve your credit profile by paying on time repayments.
  • You do not have any restrictions since you do not have a landlord.  And you are completely free.
  • You can actually earn a profit if you decide to sell the house because the value of the property will increase over time.

Bad sides of buying a house

Unfortunately, there are real bad sides of owning a property. You can avoid them by planning and leave some cash on the side for possible issues that you can have. Also, you need to plan your moving so you can save some money there as well.

  • You can’t relocate easily. You will have to find a buyer for the house first, and that can take time.
  • Owning a house is a big responsibility since you have to pay everything on time. You can’t just skip it or talk with the bank.
  • Anything that gets broken- you need to repair it. Because of that, it is a good idea to get insurance but that is also one expense more.
  • There is always a risk that you will not make a profit if you decide to sell the house. It depends on economic factors, but also, for example, the location can become undesirable through time.

Renting Vs. Buying

man signing a contract

The signing of a contract

So, you have read all the good sides and bad sides but you are still not sure. This is a big decision and you need to think it through. It is not that easy to just decide to move. When we put it this way, moving and packing your things seems easier than to decide in the battle of renting vs. buying a home. You might be a little nervous about shipping your pet or maybe your car. But as we mentioned, there are companies in New Jersey that will help you with packing your items with ease. They are able to resolve all your worries and issues that are related to relocating itself. Even to move your car, or maybe a truck. But, the big decision you need to make on your own. There are all the good and bad sides, and it is only up to you and your dreams and possibilities.