Renting verses Buying

If you are thinking of buying a home and have rented in the past there are some things you should know before venturing out into the real estate world. Here is a basic checklist of pro's and con's for buying verses renting.

Buying Pros

Having a home of your own allows you the freedom to do whatever you want to the home in the legal realm of possibilities. - you can paint any color, decorate any way, and remodel the home however you desire.

You can usually operate however you want in the home without the issues of close neighbors or noise problems unless restricted to the neighborhood.

You can usually have a yard that you can dress anyway you want. Typically unlimited parking or areas to park personal vehicles.

You are putting money away in the form of equity that is basically saving money for yourself. When you sell the home, the equity will typically come back to you in the form of cash.

Buying Cons

As a homeowner you are responsible for all the repairs, replacements and problems that come along with owning a home.

Mortgages are typically more expensive than rent and harder to walk away from because you usually have to sell a home to get rid of the mortgage.

Renting Pros

Rent is usually less expensive than a mortgage and you can walk away from the rental property whenever you want. (even if you are in a lease, it can be broken)

Any issues the home or apartment may have are taken care of by a landlord.

And landscaping or yard issues are handled by a landlord.

Renting Cons

You can't remodel or decorate however you wish unless approved by the landlord.

You usually don't have a yard and if you do are resticted to what you can with it.

You are paying someone else's mortgage and not putting any money away for yourself. Renting does not build equity of any kind.

Out of all of these I would say the most important reason to buy a home is the fact that it is one of the best investments you can own. The longer you own it the better the return and even if you break even after selling in a few years, it is as if you have paid nothing for rent for however long you have owned it.

Contact our office today for more tips on buying Winthrop real estate or anywhere in the Methow Valley. We would love to help you in your search and explain any  questions you have.

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