Two figures at a question mark maze

Should You Rent or Buy?

The age-old question of whether to rent vs. buy doesn’t have a simple answer. In reality, many factors come into the equation, such as your finances, family and job goals, market conditions and other considerations. But here are a few pros and cons you can consider:

Moving into an apartment

RENTING

Pros:
• Flexibility. If you need to relocate for whatever reason, renting often allows you the opportunity to move around as needed.
• Maintenance and repairs. Most often, the landlord is responsible for routine maintenance and emergency repairs whenever they come up.
• Fixed expenses. Monthly housing expenses are stable and fixed.

Cons:
• No equity. Your monthly rent payments are building your landlord’s equity, which doesn’t benefit you.
• Upgrade restrictions. Renting usually restricts your ability to redecorate or upgrade your home.
• The landlord can sell. Unfortunately, the landlord can sell the property at any time, and for any reason, leaving you to scramble to find a place to live.

Moving into a house

BUYING

Pros:
• Equity. The longer you’re in your home, the more equity (and thus wealth) you build.
• Upgrade freedom. Since you own the home, you have the freedom to redecorate, update, or remodel as you see fit.
• Tax advantages. Owning a home can actually help you out come tax time, with certain advantages that can net your more of a refund.

Cons:
• Higher payments. Once you add up your mortgage, property taxes, homeowners insurance, HOA dues and maintenance costs, your monthly payments could end up being a little more than you expected.
• Lack of flexibility. It may be harder to relocate when you own a home if you’re not set up to rent out your property or sell it quickly.
• Maintenance and repairs. You own the home and everything that happens to it. So, if you have an unexpected repair or maintenance situation, it’s your responsibility.

Of course, there’s much more to consider, especially with such a big decision. You also have to seriously weigh what you can realistically afford; how long you plan to be in an area; how far you’re willing to commute to work; proximity to schools, food, shopping, recreation, etc.

At Shipp Group, we know our market like no one else. And, we’ll always be up front with you when it comes to your best option. If you decide to buy, we’ll work harder than anyone else to get you into the best home for you and your family and help you build your dream.

Contact us today to learn more