Check out Real Estate in Our Town by Deborah Ratchford

from Our Town Monthly June/July 2021 Issue

Davison of Brilliant Eyes Can Help

Abig part of the American Dream is centered on owning your own home. For this reason, real estate is a subject that never strays too far from people’s minds. Just like the homes for sale are not on the market too long, the same is true with homes on the rental market so one needs to be quick to go look at what’s available. After all, real estate is all about homes: where you live, how the market is and what neighborhoods are like. With all of this to consider, many people find themselves asking whether they should buy or rent? If this question has been hopping around in your mind, here are the follow up questions you should ask yourself.

Questions to ask: · How long do you plan to stay in the area? · Do you want to be responsible for repairs? · What are the financial perks?

1. How long do you plan to stay in the area? Are you planning on moving to a different city or state in the next few months or the next couple of years? If you are, you are probably considering renting instead of buying for two reasons. Renters not only have the benefit of relatively low upfront costs when compared to buying a house, renters also have a cut and dry date that they can move. Renters know when their lease will end and when they either have to reup their lease or look for a new home. Most homebuyers, on the other hand, will have to wait until after they sell their home to move. With a professional real estate agent selling your home may actually be a fast process, but it’s worth keeping in mind that you may have to wait a couple months to sell a home.

2. Do you want to be responsible for repairs? When you a buy a home, you buy every part of it. This can be incredibly exciting as it gives you the ability to customize your home! This also means, however, that you’re responsible for any maintenance issues your home may have. For each home, home warranty, and HOA, the maintenance issues you’re responsible for may differ. Some HOA fees cover landscaping, some don’t. Some people have home warranties that cover appliances breaking and roof damage. Make sure that when you’re considering whether to buy or rent, you’re also considering the possible responsibilities you may have.

3. What are the financial perks? If you are planning on staying in the area for a while. then buying a home may be a worthwhile investment. When you rent, your monthly payments come out of your pocket and go straight to your landlord’s pocket. However, if your monthly payments are for your own home then your money is an investment. Homebuyers also benefit over renters because many homebuyers may see a ROI and a few tax breaks. For the past couple of years home value has been trending upwards, so not only will your monthly payments be an investment for yourself, but when you’re ready to sell you may see a sizeable return! Furthermore, homebuyers may be able to deduct their interest from their taxes. This can help offset some of the costs homebuyers have in the beginning.

4. Comparing similar homes that are for rent verses for sale. What renters normally ultimately realize when looking at homes to rent is that the quality and condition is much better in the ones for sale. A home that someone buys will normally have a lower monthly payment than a rent payment. There are normally many more homes to choose from that are for sale, than the available ones for rent within the same area of the search.

It’s always best to contact a Real Estate agent for the best guidance.

Renting and buying are both exciting ideas that require time and consideration. If you’re torn between the two, or even if you’ve already made the decision, contact your local real estate agent. An experienced real estate agent will help you find the perfect place for you! Make sure to visit Deb on the Web for more information.