Renting Vs. Buying
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Renting Vs. Buying
Renting vs Buying, which is better for you? There are advantages to both buying and renting as well as negatives. As a real estate agent I am biased towards buying but I am more than aware that it does not work for everyone, so let’s talk about the two.
Renting in my opinion has a lot of flexibility to it. You get to move whenever your lease is up, you can change area, type of home and even go from plain jane to luxury rental. Now more than ever apartments are making it more of a resort style living to really keep tenants happy and there longer. With pools that rival those found in typical resorts and fitness centers to make it easy to save money on gym memberships. All this is a big plus for renting, so what is the negative?
The reality is you are not gaining any equity and most people see it as throwing money away. I don’t agree with that because you are getting a place to live in exchange so you do get something for your money but I understand where they are coming from with that statement. Also parking at apartments can be down right awful even if you have assigned parking. How about noise from neighbors either above you or besides you. What if your the one that wants to turn up the radio or have a party, it can get uncomfortable fast for your neighbors.
Buying on the other hand gives you the advantages of not being surrounded by neighbors literally on the other side of the wall. You have more freedom and that is welcoming for many buyers. You can finally paint the bedroom walls, change the flooring and really make the home yours. Did I mention you finally start gaining some equity both by paying down on your loan and the appreciation that usually follows in the housing market.
So what could be bad about buying? Your mobility is limited, now you can move but it isn’t as easy. You have to sell your home in order to consider moving, where in a rental situation it is a whole lot more simple. Let’s talk maintenance, because as a buyer you are now the maintenance crew, so be ready. Also repairs come out of your pocket so be sure to be ready for that as they can be small or large.
So which is better? To me it depends on your situation and position in life. Are you ready to settle in the city or area where you are or do you think you will be relocating, even to the other side of the metroplex? Are you financially ready to take on the responsibility of a mortgage, maintenance and repairs or would you ready leave that risk with someone else? These are all things to take in to consideration and the answer is different for everyone.
With a heart of a teacher I look to educate my clients about the process of buying, selling or renting real estate. I strongly feel an informed and educated consumer will make better decisions and be less likely to be taken advantage of.
Have questions about this or other topics, don not hesitate to contact me.
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Luis Cuevas, Realtor®
RE/MAX Cross Country
1990 Justin Road
Highland Village, Texas 75077
(214) 783-0535
Luis@MakeNorthTexasHome.com
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