Is it Better to Rent or Buy?

Most people know whether they’re better of renting or buying, but if you’re not sure, there are some guidelines and tools to help you decide.  As an agent I can help you sort this out.  You may think I’ll just tell you to buy because I’m a Realtor, but that’s not the way I work.  I don’t believe a lot of the hype from my industry and I want to help you make a smart decision.

Reasons to Buy

  1. You want freedom to be creative, fix up your house, tear down walls, and make the house “yours”.
  2. You’ll be staying in your home for five years or more and want stability.
  3. You don’t want to have to deal with a landlord.
  4. You don’t want to have to worry about your landlord deciding to sell your house and have to move.
  5. You have extra cash to put into a stable investment.
  6. Tax deductions on your tax return.
  7. Right now, buying can have lower monthly payments than renting in Seattle.

Reasons to Rent

  1. You plan move within the next five years.
  2. You want flexibility if a better job comes up in a different region.
  3. You are still building your career and not sure if you’ll be at Amazon or Microsoft and don’t want to be stuck driving across 520.
  4. You don’t have a down payment, your credit is poor, or you have too much debt. Pssstt… If you have poor credit, I know someone who can help!
  5. Let someone else deal with that leaking roof.
  6. You can’t afford to buy a house in the neighborhood in the neighborhood you want (but renting might not be any easier).

Rent Versus Buy Calculator

The New York Times has an excellent financial calculator to help you figure out if it’s better for you to rent or buy.  It factors in all kinds of things like interest rates, how long you want to live there, and your tax rates.  This is the best rent vs buy calculator I’ve seen.

Call or email me and I can help you fill in the things you’re not sure about such as interest rates and closing costs for selling a house.  I’ve added this to my “Calculators” menu, above.

NY Times Rent vs Buy Calculator

 

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