Renting vs. buying is often a question we get asked as one of Coeur d’Alene’s leading property managers. Millennial have shown a big move towards renting instead of owning homes, putting a lot more stress on our rental market. On the other hand, home prices continue to rise in our area because of low inventory. It almost seems like your trapped between a rock and a hard place! This week we wanted break down some of the differences between renting vs. owning.
We have tons of renters. Renting a home comes with a big slew of benefits. You never have to worry about home maintenance! Just call us, and whatever problem you are faced with is taken care of at someone else’s expense. You can also control the amount you spend on your home within a yearly basis since your not tied to a mortgage. If you are not in a “steady” career, haven’t settled down yet, or just like moving around, renting is going to be a great solution for you!
Buying a home requires a lot of careful consideration. A 30 year commitment shouldn’t be taken lightly! You also want to ensure you have the proper down payment and budget to sustain your home purchase. If you can get your ducks in a row, there is a special pride that comes with owning your own home! While home ownership carries with it a lot of additional responsibilities, the benefits often outweigh the additional costs. Living in your own space is amazing! Having a driveway is even a luxury in this day and age. Choosing the colors of the walls, interior fixtures, and mowing your own lawn all help provide some serious pride of ownership. Its not all roses. When your furnace breaks, its your responsibility to fix it! Home repairs can be incredibly expensive and time consuming. You also have to content with HOA rules and the occasional annoying neighbors pet. Altogether renting vs. buying comes down to personal preference. If you like an independent life style and tend to be a free sprit, stick to renting. It will be easier in the short term. If you’re ready to “settle down” and prepare for the future, consider starting a home purchase. You will be glad you did!