Factors to consider when hesitating about Rent or Buy.
“Renting is always cheaper than buying” is not always on the agenda. There are so many factors to consider when making this decision that it`s almost impossible to consider all the factors. Yet next are included some examples and useful tips that can help in your decision.
Factor 1: The location of the property. Whether buying or renting property, the location will always play a major role for the value of the property and thus for the price. If you pick up an apartment in the Downtown of a city – the cost of renting on a monthly basis will be higher than renting an apartment in a less prestigious area. The same applies for the total cost of the property, but the difference between the two locations is that you should consider as a main factor.
Factor 2: The quality of the property. Always before renting or buying, you should visit the property with an inspector or with the real estate agent to check out its condition. If you hesitate whether to buy or rent and if you see that the house truly needs some deep cleaning – you probably will decide to rent it rather than buying it. It`s true that you may spend more for a professional cleaning company, carpet cleaners, detergents and cleaning machines, but let`s face it – if you buy the property, there may be some stains and blemishes that can`t be cleaned or repaired.
Factor 3: What is the professional opinion and/or advice of the real estate agent. There are agents that are specialized only in selling or only in buying properties, or in both. That`s why always before searching for an agency – make sure to know that it keeps communication with the both sides. Then, the opinion of the real estate agent will be more valuable, because of their knowledge over the housing market in the region. Moreover, the real estate agents have proven and trustworthy methods for an assessment of a property. From calculation of the cost of renting and the cost of ownership, to buy vs rent calculators and data from analyses on annually and on monthly basis – the real estate agent can really provide you with the best opinion.
Factor 4: Your long-term expectations are the next important factors to keep in mind. If you plan to move in a new house with your family or to make your own family, then buying house is a preferred opt. If you prefer a more dynamic way of life and the changes aren`t something unexpected – then, renting should be higher on the agenda.
Factor 5: The short-term expectations make no exception. If you plan to move in with all your possessions from the old house, to make some deep cleaning in the springtime with all the kitchen cleaning, sofa cleaning, small repairs, upgrades, building a porch and all other domestic activities – then it should be easier if you are the owner of the property. By contrast, if you plan to move for a short-term period – then renting is that you should consider.
Factor 6: Your own preferences. It comes to whether you prefer to keep your house clean, to spend the weekends with home projects, to stay at home during the free time, etc. If you like all those things, then probably you have to be homeowner. On the other hand, if you don`t prefer to deal with these things – renting a property can mean a lot of complains about the condition of the property, about the requirements for cleaning and maintenance, about the noise and much more.