Renting VS Owning

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

1. No long term commitment to your living space
2. Landlord responsible for most issues regarding the property
3. Flexibility in choosing the type of living space you choose
4. Flexibility in geographic locations

Cons

1. Higher probability in being transient and needing to move more often
2. Subject to the landlords’ rules regarding your living space
3. Rent subject to increases
4. 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

1. Fixed and stable housing costs with low likelihood of increases
2. Building equity through homeownership
3. Ability to put down roots in your community long-term
4. Low down payment options and support that becomes an investment in your property

Cons

1. All property issues are your responsibility as the owner
2. Decreased ability to move
3. Price can limit your ability to live in your chosen area
4. 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!

 

*Statistical data provided by Renthop.com

**Statistical data provided by the Northwest Multiple Listing Service