Rent or Buy? A question that you have had to ask yourself and others before. It is a huge decision and since I have done both and have been a Realtor/Property Manager/Leasing Agent over the past 11 years, I figured I would give my honest opinion on the pro’s and con’s.
1. The process can be Quick-If you have the money you can generally move within a few days after a credit check/background check
2. Your heater stopped working? You call the landlord and he is responsible to make the repair to most items besides things like changing light bulbs.
3. Can live in one area and if you don’t like it, you can move somewhere else. Leases are usually for just 1 year.
1. Landlords generally like to raise rent after the 1st year.
2. You move all your things in and just when it begins to feel like home, the owner tells you they listing the house for sale and you will need to move when they find a buyer.
3. Want to paint or do some updating, you will have to get permission from the owner since it is their property.
4. Some rentals will not allow your pets. Recently a tenant was not allowed to move in because he had a fish tank.
1. You can do whatever you want to the property. Paint, install new counter-tops, put in new hardwood floors, etc.
2. Large tax advantages giving you a larger tax return.
3. Over the years your home will most likely appreciate and you will build equity. Potential to make a nice profit if you ever go to sell.
4. Have a dog, cat, no worries again it is your house and you can do whatever you want, but don’t go crazy and have 18 cats, then you my have the police knocking at your door.
5. If you get a fixed mortgage, your monthly principal and interest payment will not change. There is a chance that your real estate taxes may go up, but hopefully you will reap benefits if your kids are in the public schools.
6. With the interest rates as low as they are, you will find that it is cheaper or the same as renting, however when you buy, you have appreciation, income tax benefits, and stability!
1. Something breaks, you will need to fix it or hire someone to do so. It is very important to buy a house and get a home inspection to make sure the major systems are running properly.
2. Do not overpay, make sure you work with an experienced agent who looks out for your best interest. If you overpay, you might end up losing money if you ever go to sell the property. The only bright note is that you might be able to use the loss in your taxes.
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