Rent vs. Buy: How to Choose

Home Ownership Creates Security for your familyFinding your dream home can be challenging, but a Realtor can help you simplify the Moving process and find the perfect home for your family.

In today’s market, many people debate whether renting or buying is the best option. While both have their individual perks, there is certainly an advantage of Moving to a Home You Own outweighing any benefit that renting might provide.

At first, renting looks like an incredibly smart choice. You would have no property taxes and all repairs are someone else’s headache. If you need to relocate, you won’t have to worry about selling your house before you can afford a new one. While this sounds really fantastic, if you take a closer look, it isn’t as good as it seems.

First of all, rent can be quite expensive

 When you compare mortgage payments to rent payments on comparable homes, the mortgage payments are usually lower. When you rent, you can pour months and even years of income into a home through monthly rent payments, but you never build any equity. When the lease is over, your money is gone and there is nothing to show for it.

Another challenge with rental homes is dealing with a landlord. When you need repairs, you will have to wait until your landlord has the time to handle it. You can’t call a plumber when the bathroom leaks until your landlord comes in your home, examines the problem, and either fixes it or calls in a professional. Sometimes the cost of home repairs is much less problematic than tracking down a landlord and convincing them to assist you with repair work.

On the other hand, when you choose to buy a home, you are the king (or queen!) of your own castle. You are free to make repairs whenever they are needed. If you can’t stand the color of your kitchen, you don’t have to worry about a landlord; you simply grab a bucket of paint and dig into the project.

Pet owners in particular find owning their house as opposed to buying it to be the better option. Not only do they not have to worry about whether or not they’ll be able to find a suitable apartment that allows them to have pets, but purchasing a house tends to be cheaper. Most landlords charge extra for every pet their tenant owns. The cost really adds up.

The best thing about buying a home is that you build equity with each passing month. You aren’t throwing away money each month with a rent payment. You are actively paying off the mortgage and making strides towards a better financial future. Every renovation project serves to potentially increase the value of your home and the property can truly be a great investment that turns a big profit in years to come.

Ultimately, each person must decide whether renting or owning is the right option. If you want to learn more about the differences, talk to your realtor. Compare rent prices with mortgage prices on homes in your price range and then make an educated choice that will be a good investment in your future.

When it comes down to the families decision to buy or rent cars, pets often are the deciding factors.

Talk with your Real Estate agent today about whether you should look for homes for sale or for rent. Don Maclary’s Online Target Marketing can help you find local real estate Virginia Beach Oceanfront to Suffolk and beyond… waterfront, Town Center… what ever suits your family’s needs best. 

 

 

When you are about to make the biggest decision you may ever make financially, buying a home, you want the best of the best, a person you can trust and will guide you through the process. Don Maclary is your guy for the job!
~ John, Real Estate Pro

The postings on this Real Estate site are made by Don Maclary - Realtor and do not necessarily represent the positions, strategies or opinions of Howard Hanna William E. Wood.