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Ready to relocate but don’t know whether to rent or buy? Here are a few pros to each approach. Whether you are looking for an instant home with no "real" obligations or wanting to take on an investment in a forever home, United Country Heard Auction and Real Estate can get you there!
Rent
Here are a few pros to renting:
Mobility
When renting, tenants are not tied to a long-term financial commitment. Their move can be instant as opportunities arrive from employment, education, or family. Renters can usually be out within 30 to 60 days after giving notice to your landlord – depending on their lease agreement.
Budget
Renters have one main housing payment: their rent. Some may have utility bills like electric, water, and gas but on occasion, landlord will pay that. This allows the renter to focus, plan, and save without having the potential unexpected “my toilet just broke” expense.
No Taxes or HOA Dues
Unlike Renters – Homeowners must pay mortgage interest and taxes monthly. In addition, owners must pay insurance on their property and any HOA dues that could be required based on location. Saving on these costs by renting, can reduce your monthly budget in a drastic way.
Buy
Here are a few pros to renting:
Flexibility
Owning a home means its yours. You can paint the rooms any color you want, change the floors, or put a skylight in the kitchen without asking a landlord for permission. If you have established your roots and do not plan on moving for some time, the benefits of purchasing a home are numerous. In addition, any improvement you make ultimately will increase the value of the property – in case you choose to move in the future.
Investment
Owning a home is an investment many people understand better than buying stocks, because the benefit is tangible. However, the financial benefits can also be significant. As a home appreciates, it accrues faster than a stock might because you get the appreciation on the entire home’s value, not just the gain your down payment cash invested.
“Forced” Savings
When a homeowner is making a mortgage payment, a portion of that payment is paying the loan down each month, giving the owner more equity in their home. This loan pay-down each month is required as a part of the mortgage payment, but it’s the owner being required to invest in their own home – whereas the entire portion of renter’s monthly payment is going to a landlord.
And remember United Country Heard Auction and Real Estate has properties available across Custer County and Oklahoma! Search our Heard Auction & Real Estate page where you can search by location and keyword.