Should you Rent or Buy? Is Rent Money Really Wasted?
There is a lot of skepticism around the question of whether or not renting in Grayson VS. buying is just a big waste of money. Although there are many factors that go in to each side of this question, is there any truth to the assumption that renters really are making a poor financial decision?
With the rent numbers climbing, it’s time to examine the conventional wisdom that surrounds the decision to rent or buy. Here are a few great reasons to consider your choice to rent as the right decision for your busy lifestyle:
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The Freedom to Leave
Finding and buying the perfect home is a lengthy process. If you’re not sure you’d like to remain in the same home for many years to come, consider renting in Grayson. Renting is a non-permanent solution to a long term problem. Lease lengths vary so it should not be difficult to find exactly what you’re looking for. One year you might want to rent a cabin in the mountains, the next you might want an apartment in a busy city. Renting gives you the opportunity to not be stagnant in a single area for an extended period of time.
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Protection from Hidden Costs of Ownership
Sure, on the surface those monthly mortgage payments may look downright cheap when compared to the cost of rent. However, there are lots of fees that are not covered by an owner, or property management service, unlike most rentals. All extra costs on a house are your responsibility. So even though the mortgage may be lower than monthly rent, you might end up paying more in the long run than you would if you had rented a home. On top of that, many rentals include some utilities such as water or garbage collection in their monthly sum.
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Home Maintenance
How much time will you spend putting work into your home, or making improvements on your home? Homeowners often spend a great deal of money and stress addressing maintenance issues that pop up, seemingly at the most inopportune times. Are you savvy on repairs and ready to take care of a leaking roof or a furnace that stops working in winter? If you’d prefer not to worry about these things, then renting in Grayson is definitely for you.
Ultimately, the decision to rent or buy is a choice that depends on a variety of your personal lifestyle factors. If you’re still unsure, here are a few questions you should ask yourself when faced with this choice:
- How long do I expect to stay here? If you do not plan to stay in one area for at least a few years, then renting may be the choice for you. The process of buying and selling a home may tie you into that area for longer than you desire.
- How stable am I with my current job and lifestyle? If you are looking to change your career or lifestyle significantly, it is better to rent until your life is more stable.
- Do I have enough savings for a down payment, repairs, and other costs associated with buying? If not, the decision to purchase a home might cause extra financial strain. Renting until you can truly afford to buy is a wise choice.
For more information please contact us at Real Property Management of Greater Gwinnett.