Renting vs. Buying a Home

Sunday October 4, 2020

Renting vs. Buying a Home
Renting vs. Buying a Home

Explained by One of the Best Real Estate Companies in Las Vegas If you’re looking to buy or sell your home, or even if you’re the top realtor in Las Vegas, it’s always good to brush up on important real estate processes. The decision to rent or buy a home is a very big one. Ultimately, it comes down to your financial situation and goals. However, we have some points that we hope will clarify if you want to rent or buy: Do you want to be able to move within the next few years? If you want to live where you are but aren’t seeing it as your permanent home, you might want to consider renting. Are you willing to move at any time? You might have to move unexpectedly when for instance, the landlord increases your rent to more than you can afford or sells your property to someone else. How much ownership do you want? Do you want to renovate/repaint your home on your terms? Do you want a home that is truly “yours?” If you rent, you don’t have this freedom. However, if you do rent, your landlord will handle some things for you, such as repairs when appliances break down. How much are you willing to pay? Generally, ownership costs more over time than renting. But make sure to look at how quickly rental payments tend to increase in your area, and compare that to mortgage payments you’d have to pay. One may be higher or less predictable than the other month-to-month. Your life goals are a big factor in this. If you are looking to raise a family or retire, owning may be a better option for you than someone who is in their prime and looking to save up. How much time do you have for maintenance? Owning a home is not only a big financial investment. It also takes a lot of time and energy to maintain it. Are you willing to spend time on maintaining your home or finding your own staff to maintain it for you? If not, renting might be your best bet. Don’t rely on property value appreciation or tax deductions. These alone are not reasons to own a home, because the value of your property may go down over time for reasons outside of your control, and the tax deductions may not be as profitable as you think. Want to learn more from someone on Our Team? Feel free to Contact Us. We're happy to help.

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