It is a natural question, "to rent or buy?" Often it is not an easy decision. There are so many scenarios and moving pieces involved in the answer, and the answer involves more than just money. At the Gardens at Twin Hickory, we came upon some questions and answers that may help.
How can we know when it’s best to rent and when it’s best to buy a house or a condo?
A: Well, my feeling is this: If you have to ask that question, it’s probably best to rent. The decision to buy a house is typically motivated by common sense financial analysis, and if you haven’t yet reached that point, keep renting.
Q: Are there ANY reasons to rent?
A: In fact, there are a number of good reasons to rent a home:
- FINANCIAL: renting may provide you with more leftover cash each month, allowing you to build your savings to a level you prefer before making a large cash commitment to buying real estate.
- FLEXIBILITY: while renting, you retain the ability to make a change in your living situation easily and without major cost. At the end of your lease, you can move to another community or another city!
- CREDIT BUILDING: if your credit has been damaged, making ON TIME rental payments can actually work to build and improve your credit score, allowing you to eventually qualify for a lower cost borrowing experience.
- REPAIRS: In almost every case, your landlord is responsible for making repairs, freeing you from the financial drain of a new roof, a burned out water heater, or a faulty furnace or air conditioner. These expenses are real and they are major. Building them into your rent can save you cash!