At our meeting today, the agents and brokers sat down to discuss the benefits and drawbacks of renting vs buying. Both seem like smart and viable decisions in today’s economy and market conditions. Many of us are struggling with the decision and I don’t know about you, but when I am having a hard time making a decision, I always make a list to sort out my thoughts. Here is what we came up with for the benefits of either choice:
The Pro’s of Buying:
- Right now homes are at the best prices they’ve been in years, you get a great value for the price, and there is a tremendous amount of inventory so you have a lot to choose from.
- Buying a home is a long-term investment that has the potential to be an extremely valuable asset in just a few years.
- Interest rates are historically low right now.
- The tax deductions from having a mortgage will really pay off
- Pride of Ownership: There is something very comforting and reassuring about knowing that you own your very own home, property, and land, and you can do whatever you want with it.
- There is a lot of stability that comes with buying a home. For one thing, you won’t have a landlord to deal with whenever you want to make an upgrade, paint a wall, etc. You can make your own home improvements and answer to yourself.
The Pros of Renting:
- No maintenance or upkeep – the apartment complex or landlord takes care of everything for you.
- No HOA Fees, CDD Assessments, Property Taxes, Homeowner’s Insurance
- No down payment – gives you the opportunity to save
- If you have poor credit, renting give you time to correct your credit before trying to buy
- You have the opportunity to try out different communities, without long-term commitments
- Sometimes you can pay less (although this could be said for buying, too)
- Renting is a good option if you are waiting for the market to stabilize
- You won't have to deal with short sales
- There is no long-term commitment with renting. Lease terms are generally 12 months long and shorter leases are readily available as well.
So, as you can see, both are excellent options depending on your lifestyle, financial situation, and a number of other factors. Keep these lists in mind when you are shopping for a rental property or a home to buy, and keep Real Living Casa Fina Realty in mind when you need some help finding the right home for you! We specialize in home sales as well as rentals and can help you find the perfect home for you. Call us today!