Renting vs. Buying
The age-old question…should you rent or buy a home? As Residential real estate specialists, we get asked that question a lot. So, we thought we would give you some pros and cons as well as some 2020 stats from a recent Cromford Report we received. You can also use Bankrate’s online calculator to help you determine which is better for you.
Pros v. Cons
• You don’t have to pay property taxes • You don’t get to write anything off on your taxes
• Typically there is less paperwork to fill out • Landlord chooses what the rental rates are and can raise.
• Upfront costs to move in are usually lower than buying • You may have to move before you want to if the landlord wants to sell
• Maintenance and repairs are usually done by the landlord • You can’t remodel the house to match your style
• It doesn’t matter if property values go down. • You don’t get to build equity in the home
• There are tax benefits to owning a home • A lot of paperwork is required to buy
• Paying your mortgage on time builds your credit • You can’t control the real estate market or property values
• You can make all of the changes you want to the house • You usually have to pay more fees upfront to buy.
• You can build equity in the home the longer you live there • You are responsible for paying for maintenance on the home.
• You can move when you want to
As you can see there are pros and cons to both renting and buying real estate. But, in the current Arizona market, we advise that buying is a better option for most people. Here are a few visual reports of the current real estate market in the Greater Phoenix Area for 2020…
Feel free to contact us with any questions you may have about buying or renting real estate at firstname.lastname@example.org or 480-945-1111.