Today, more Americans are renting their homes than have at any point in the past 50 years.
There are a variety of reasons why many couples, families, and individuals continue to rent rather than purchasing a home. Sometimes, buying isn't financially possible. Or a family isn't sure whether they'll be in an area long enough to buy.
But purchasing a home offers benefits as well, including a return on your investment.
If you're trying to decide between buying a home or choosing rental homes in Yuma, Arizona, keep reading for a few tips to help you make the right choice.
Buying a Home in Yuma, Arizona
Buying a home in Yuma, Arizona offers a number of perks. To start, there are far more homes for sale in the area than there are for rent. This means far more options when it comes to choosing your location, the size of the home, and the amenities.
Yuma is home to a variety of styles of homes, as well as options for every price range. Whether you're looking to finally buy your dream home or are searching for a more affordable starter home for your family, you'll find tons of options throughout the city.
One of the biggest arguments in the discussion of buying vs renting a home is making the most of the money that you spend each month.
If you're in a financial position that allows you to buy, purchasing also offers a better return on your investment. Unlike rent that is paid each month but doesn't impact you long-term, paying your mortgage builds credit and also turns into a home that's yours later on.
Rental Homes in Yuma, Arizona
When you buy a home, you might have more options to choose from. But when you rent a home, you'll also take a big load off your shoulders.
A big renting vs buying pro is that as a renter you are not responsible for maintenance and upkeep. Whether your air conditioning goes out on a hot day or your fridge suddenly no longer cools, your landlord will be responsible for taking care of the problem, at no expense to you if those appliances are included in your rental.
Another benefit of renting a home is the ability to easily move in a year or less. If your job requires you to relocate frequently or you haven't decided whether Yuma is where you'd like to stay, this is a great way to get a home without making a big financial commitment.
Short-term, renting is more affordable than buying as well. While you may need to make a security deposit and pay for your first and last month's rent, that's much less than the cost of a downpayment, closing costs, and other expenses that come with buying a home.
Should You Buy or Rent Homes in Yuma, Arizona?
Choosing between purchasing a home or shopping rental homes in Yuma, Arizona is a big decision. Your family's financial situation, future plans, and what you want in a home should all be taken into consideration in order to make the right choice.