Rent vs Buy: The Continually Evolving Debate
With the general nature of the real estate market being what it is, there may never be a final conclusion to this age old question: Is it cheaper to rent, or to buy?
The oft repeated answer nobody wants to hear is It Depends. (Sorry, no quickie answer here). The truth is there are so many variables that go into answering that question.
- How long do you plan to live in the home?
- How much do you have saved for a down payment?
- Will your neighborhood’s insurance and property tax costs make buying cost-prohibitive?
- Are you prepared to incur the costs of maintaining your home?
- What direction are real estate values trending? (who knows)
- Do you have sufficient credit to buy?
And finally, the big question for a lot of us…
- Can you and your significant other agree on what you want?
From the wise words of the Internet Real Estate Giant Trulia.com, “Making the decision to rent or buy is tough… there’s a lot of money on the line!” Fortunately for consumers, Trulia was kind enough to provide us with this eye opening tool that can help make your decision to rent or buy your home a little easier. You simply enter your parameters (market rent amount, home value, interest rate, down payment, etc.), and the Rent vs Buy Calculator will determine the difference in monthly costs between renting or buying a home in your area. Go ahead, try it out.
Coming from a self-proclaimed nerd’s point of view, one of the best things you can do when facing a major life decision (such as buying a home) is to sit down and spell out a pros and cons list for both renting and buying. Below you will find an informative infographic I found from SpareFoot.com to help you determine which is right for you.
Whether you decide to rent or buy your home, the RPM Select Team has the resources to help you carry out that decision. While we are primarily a residential property management company in Sacramento and the Bay Area, our team members are highly involved in our local communities. We have excellent relationships with a number of real estate professionals, and we will gladly connect you with a real estate agent who would best fit your needs when searching for a home to buy in the Greater Sacramento and San Francisco Bay Areas.
Of course, if you’re looking to rent, you’ve come to the right place. Real Property Management Select manages hundreds of properties in Northern California, and we would love the opportunity to help you find your next home. Check out our available rental properties in Sacramento and the Bay Area, or give us a call today at (877) 603-9696 to get more information on our homes coming up for rent.
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