Renting vs. buying, and how to know what’s right for your situation.
Are you wondering if it’s better to rent or buy a home in this market? That is a question I get all the time, so I’ll compare both options.
First, there are a lot of pros to renting. You don’t have to worry about things like lawn care, and if there are any maintenance issues, other people take care of it. **There’s peace of mind that comes with a rental knowing everything is covered. **
However, one of the biggest cons is that you don’t own the property. When you pay money each year to the apartment complex, you’re not paying down the mortgage for yourself. Therefore, you’re not investing any money. On top of that, rental prices are continuing to rise. When you have a mortgage, monthly payments tend to be fixed, aside from property taxes.
“There are pros and cons to both renting and buying.”
There are advantages to owning your home. For starters, no one tells you what to do anymore. You can paint the walls whatever color you want, you have your own backyard to do what you want, and you don’t have to worry about the rules and regulations of an apartment complex. Plus, **you’re investing in the equity of the property. **
Overall, for the first year, renting could be the better deal. However, by the third year, it starts to flip around in favor of owning a home, and the money adds up. If you have any questions about this debate, please feel free to reach out to me by call or email. I would love to help you figure out what’s best for you!
