Renting or Buying a Home?

rent or buy home mnTo rent or to buy a house is a pretty big decision, I myself have only ever lived with my parents and a handful of apartments while I was finishing up school so thinking about buying a house is a huge step and we feel there are some questions to contemplate before making that decision. For example, how much can you afford, what does your income look like, or do you have enough coming in to purchase a home? Also, you must consider your future. Are you planning on getting married or having children? The list goes on.

Of course there are both pros and cons to renting and buying, and there are many different things to consider.

  • When renting you have no maintenance costs, when owning a home you pay for everything.
  • You have a sense of pride when owning your own home, while when renting you will not experience this.
  • The risk of owning a home is greater than renting because you home can lose value with time meaning, down the road, when it’s time to sell you may lose money.
  • When owning a home you can slowly build equity while renters cannot.
  • Renting is excellent when you’re not sure what the future holds at the moment.
  • At a personal level, you must also consider what your lifestyle is currently. You must consider the amenities of both renting and owning,

This is a lot to think about and that is only a few points, there are many more questions you should consider. Taking a step back and thinking about what stage of life you’re currently in and what pros and cons are more important for you will make the decision a bit clearer. We suggest you sit down and make a list of pros and cons and really consider your current needs and lifestyle before coming to a decision.

If you are considering either renting or buying a house in the Twin Cities and need more advice or help making a decision, give The Monson & Larson real estate group a call and they can help you with any home advice or questions you may have. The Monson & Larson real estate group has been helping families in the Twin Cities for over 20 years, give us a call at 763-694-1048 today!

Source: http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?_r=0

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