Renting vs. Purchasing

One of the biggest decisions that individuals may face is renting or buying their next home.  Whether the clients are newly married, about to get married, moving to a new community, or any other of life’s changing scenarios, renting vs. owning can be a very difficult decision.  Renting usually seems to be the easier of the two choices, simply because of the “short-term” nature of the arrangement.  What many individuals don’t realize, though, is that renting can be much more of a burden than buying.  For example, that very same “short-term” quality presents a whole list of added stresses in itself: What will you do when the lease expires?  How much of your personal property should you move to the rental and how much should you put in storage?  You may also believe that renting is much cheaper than buying.  When you consider your expenses on a monthly basis, factoring in security deposits, pet deposits, storage fees, moving costs at move-out, tenants’ insurance, and other various rental costs it sometimes can become more expensive than owning your home.  What happens if your landlord decides to sell his/her property while you are living there?  It does happen and it leaves you facing the stresses of moving all over again – and it doesn’t matter whether the move-out is convenient for you or not.  When you buy your home, all of the money you are spending is going into something that belongs to you, instead of something that belongs to someone else.  If you decide you want to move in just a year or two after buying, you simply put the home on the market to sell – usually for more than what you paid, so you pay of your loan and put a good amount of money in your pocket.  Sure, some circumstances exist where buying just isn’t an option.  When you do have the choice, you should really think long and hard before jumping to the assumption that renting is “easier”.  J Ray Realty’s brokers are happy to discuss your situation with you to help guide you in making the best decision.