Buying a home vs. renting is a decision that most people face sooner or later. A careful consideration of the following will help you decide whether renting is your best option now.

Monthly Payments

As a homeowner, you will pay interest, insurance and property tax as part of your mortgage payment. If you live in a subdivision with Homeowners’ Association you may be required to pay homeowners’ association fees — all of which may make your monthly total home expense considerably higher than rent for a comparable property. Though the cost of renting may increase over time, of course, those increases will be clearly stated in a lease and may be limited by local laws.

Maintenance

Your Landlord should be responsible on major repairs and maintenance. The Property Manager hires the contractor to do the repairs. As a homeowner, you’ll be responsible for all maintenance and repairs of your house, so the condition of the house you purchase will be a consideration. An emergency fund is necessary to cover any unexpected repairs like HVAC, roof leak, preventative maintenance, etc.

Mobility

Some people have a career or job that requires frequent relocation, for instance, or if you anticipate needing more space for a growing family, buying a home may not be the best decision for you. Consider that an advantage to renting is that you are not saddled with selling a former residence, should you need or want to move. Especially with this market selling a home could take up to a year.

Of course, every situation is different. We at Alpha Property Management are willing to help and give you advise whether buying or renting is the best option. We will be more than happy to share our experience and knowledge.