Many argue that in this economy, it is a smarter financial decision to buy a house rather than renting an apartment because of the opportunity to use your dwelling as a long-term investment. When renting in a community, there are numerous possibilities to secure included amenities, which can include free parking, a fitness center not far from your doorstep, and a maintenance team skilled in repairing any appliance found in an apartment. Aside from the convenient amenities a community normally offers, there are more perks, financial and non-financial, to not being the master of your own domain.
Purchasing and owning a home can also be considered more of a burden than a smart investment, especially when it comes time that you want to move out. Finding a buyer for a home can take months and is accompanied by numerous attempts at hosting open houses, posting recurrent listings online, and listening to constantly changing advice from real estate brokers. Unless you can immediately envision living in a house for decades, going through the buying process might not be the most ideal situation.
Have you also given any thought to a mortgage rate? According to information gathered from Zillow.com, what one would be paying monthly to a lender on a 30-year fixed mortgage starting in Northwest KC including fees would be more costly than a monthly rent payment. At a rental community your monthly rent paying also gives you access to many great community amenities for you and your loved ones.
Life gets much easier to plan when renting a home, and so does your budget. Think of all the different things you could spend your money on instead of expensive closing costs, fixing your broken water heater, or that gym membership you only make use of on January 2nd. It may not hurt to give up the title as “Home-Owner” to substitute it for “Life-Owner”.
Information gathered from Zillow.com; Further guidance collected from an article by Taylor Tepper from TIME Money