Generally speaking, Real Estate is our job, and our team is here to help you find the best property. Tired of renting? Thinking it might be a better idea to buy a home? The Rent vs. Buy debate is a big one…and there isn’t one right answer for everyone. That is why we would like to talk about Renting Or Owning A Home in this post.
Advantages of Renting A Home:
- Minimal Maintenance Hassles and Expenses – when the toilet gets plugged, tenants get to call their landlord. It’s not nearly as much fun when it happens in your own home (trust me).
- One Easy and Predictable Payment – owning a home involves more than just paying your mortgage. You need to factor in property taxes, maintenance, condo fees, water and sewage bills for houses, utilities, home insurance, etc.
- Not happy with your neighborhood? You can move every year. Tenants have the ability to easily and affordably move every year if they want to; the real financial benefits of owning happen over time. If your time horizon is short or you’re a commitment-phobe, consider renting instead of buying.
- It’s cheaper to move when you’re renting. Buyers have to pay land transfer taxes when buying, commissions when selling and legal expenses for both.
- Sometimes it’s cheaper to rent. On a monthly basis, your overall expenses will often be cheaper when renting instead of buying. That’s especially true if you don’t have much of a down payment. But of course…when you rent, you’re paying down someone else’s mortgage instead of your own.
In tomorrow’s post, we will continue on Renting Or Owning A Home. Please reply if you have any questions.
BABAK MEHRABI, Real Estate Salesperson