If you’re currently renting and not certain if buying fits into your financial and/or life plans, here are just a few pros and cons for you to consider:
Renting
Pros
- No long term commitment to your living space
- Landlord responsible for most issues regarding the property
- Flexibility in choosing the type of living space you choose
- Flexibility in geographic locations
Cons
- Higher probability in being transient and needing to move more often
- Subject to the landlords’ rules regarding your living space
- Rent subject to increases
- High move in fees with no return on your investment
Average rent in King County for 2 bedroom apartment – $1,750*
If you’re owning a property, the following should be noted.
Owning
Pros
- Fixed and stable housing costs with low likelihood of increases
- Building equity through homeownership
- Ability to put down roots in your community long-term
- Low down payment options and support that becomes an investment in your property
Cons
- All property issues are your responsibility as the owner
- Decreased ability to move
- Price can limit your ability to live in your chosen area
- Property tax increases can increase mortgage payment
Average mortgage in King County for 2 bedroom condo – $1,268**
Gives us a call to discuss your specific situation to determine if it is a good time for you to buy!
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