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. Which best describes the benefit of renting a home?
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 of being transient and needing to move more often
- Subject to the landlords’ rules regarding your living space
- Rent is subject to increase
- 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 a 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 the mortgage payment
In conclusion, there are ways to identify which best describes the benefit of renting a home, or buying one. Both have their pros and cons, but at the end of the day, your financial situation will decide what’s best for you at the time being.
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
