Renting vs Buying

Buy or rent
To rent or to buy, despite what your parents might think, is a challenging decision. With interest rates on the move, you may ask yourself whether you should buy in this market or wait. And sometimes, the issue around the age-old questions isn’t even financial ones.

Here are some advantages of renting or buying that you should consider before making a choice.
 
 
 

Renting

  • Flexible: Renting doesn’t tie you down in any way. If you plan to move soon or regularly throughout your life, renting lets you move out of a place as soon as your initial lease is over.
  • Less Maintenance: Owning a home can drain your time. A home’s daily maintenance and upkeep will demand many hours of your time, as well as a few extra dollars on top.
  • (Sometimes) Cheaper: Generally, you will pay the same rent as with a mortgage, at least in the short term. TIP If your household income needs to be higher to afford a mortgage, and renting is a more affordable option, don’t consider it a waste of money. You are paying to house those you love most. Keep a budget and plan ahead. You can be a homeowner one day!

Buying

  • Stability: Owning your home means you call all the shots. If you want to paint the house black, do it! Owning your home also means you won’t get suddenly evicted, and in this market, you need to avoid that.
  • Retain Gains: If your home increases in value, being the homeowner means you will pocket the additional home equity and realize the capital gains if you choose to sell. If you were to be renting, your landlord would be the only one to benefit. Also, with a mortgage, every monthly payment helps you build equity in your home.
  • (Sometimes) Cheaper: Generally, you will pay the same amount for a mortgage as renting. But please note, there are more living costs around having a mortgage (property taxes etc.)
 
 
As a real estate agent, I know the importance of home ownership. The biggest reason I encourage my clients to buy is simple – it’s a mindless investment. Part of the allure of homeownership is the fact that it makes investing in your future simple. Pay off your home, and you’ll have a guaranteed asset to see you through your life. It’s basic but life-enhancing. As always, I’m ready to help you find your dream home.
 
– Bre

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