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Real Estate: Renting vs. Owning Your Maine Home

Maine's real estate market is booming! From Bangor to Portland and everywhere in between, it's a great place to live and work. Maybe you've decided which Maine city you can't wait to call home, but you've been sucked into the eternal renting vs. owning debate. In Maine, both options are good options, but we've still compiled a list of pros and cons to help you in your decision.

Owning real estate in Maine

Pros

You can build your social circle.

Owning a home is an investment in your future. If you want to raise a family or start a business, the stability of owning real estate can play a key part in your success. Home ownership also means that you probably plan to reside in that particular community for a long period of time. Because of this, it's easier to contribute to neighborhood projects and ensure that the area thrives.

You can save a lot of money.

Maine is currently experiencing some of its best mortgage rates in years! If you buy real estate now, you will spend substantially less money than in years previous. This alone is enough to solve the renting vs. owning debate for some. But if you're still unsure, it's worth looking into the tax credits you'll receive as a Maine homeowner.

Cons

You are responsible for everything.

As a homeowner, there is no landlord to fall back on. You are completely responsible for all of your home's maintenance and repairs, which, depending on the home, can often be quite time-consuming and expensive.

Renting real estate in Maine

Pros

It gives you lots of flexibility

As a renter, you are less tied to a particular location than a homeowner. Renting is ideal if you are on a short-term job assignment, only want to live in Maine during a particular season, or are unsure which Maine city you'd like to live in permanently.

You can save a lot of money.

Renters are not responsible for the upkeep of their home. If something needs to be painted, if the plumbing is acting up, or there's something wrong with the heater, it's not your responsibility. Not needing to worry about day-to-day maintenance can save you money and unneeded stress.

Cons

It's more expensive in the long term.

Often, monthly rent is more expensive than a mortgage payment would be. While renting is great for short-term (one year or less) stays, anything longer than that and you will start to lose money.

The answer to the question of renting vs. owning real estate in Maine is whatever option is best for you and your family. If you still need help deciding, as always, we are here for you. If you have any questions about renting vs. owning Maine real estate, please do not hesitate to contact us

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