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Leasing and Buying: What’s Right for You?

Posted by Tori Thompson on August 23, 2023

Sometimes people aren’t quite ready to buy a house, so leasing helps you have a place to live that suits your needs. Also, when people move to a new area, they might want to lease first to learn about the place before deciding to buy. Keep reading cause I want to dive into this more….

Renting or Buying_Tori Thompson Realtor

Keep in mind, in some places or areas, leasing might not be the best value in certain markets. If you’re planning to live in an area for at least three years, it could be a good idea to think about buying instead of leasing. That way, you might end up saving money in the long run, especially if you’re ready for the commitment of owning a home.People choose to rent a house for various reasons, each of which reflects their unique circumstances and preferences. Here are some common reasons why someone might choose to rent a house:

#1 Flexibility

Renting offers flexibility in terms of the duration of stay. If someone’s unsure about their long-term plans or wants the freedom to move easily, renting provides that flexibility without the commitment of owning a property.

#2 Financial Considerations

Renting might be more financially viable for individuals who can’t afford the upfront costs of purchasing a home, such as a down payment and mortgage fees. It allows them to live in a desirable area without the initial financial burden. Pet-owners, sometimes it is more expensive to lease, the added fees are almost enough to make you want to get into your own home.

#3 Exploring a New Area

People who are relocating to a new city or neighborhood often choose to rent a house initially. It gives them time to get to know the area before making a long-term commitment.

#4 Career Changes

Individuals whose jobs require frequent moves or relocations might prefer renting as it makes it easier to adapt to new locations without the complexities of selling a property.

#5 Maintenance and Repairs

Renters generally have fewer responsibilities for property maintenance and repairs compared to homeowners. This can be appealing for those who don’t want to deal with the upkeep of a property. And for some you may just end up loving the flexibility of DIY-ing your own projects.

#6 Credit or Financial Situation

Renting allows you to have a place to live while working on improving their credit or saving for a home purchase. It is easier sometime to come up with a security deposit vs a downpayment. Renting and paying rent on time can help individuals build a positive rental history, which can be beneficial for future financial endeavors. Set goals and crush them!

#7 Temporary Living

Renting is an attractive option for those who need housing for a specific period, such as students, traveling professional, or people undergoing a transitional phase. Many clients are renting while there new homes are under construction or being renovated.

#8 Downsizing or Upsizing

People who want to downsize as their children move out or upsize due to growing families might find it more practical to rent a house that fits their current needs.

Leasing and Buying

Choosing between renting and buying a home is a big decision. It’s like picking the right kind of cake – you want to make sure it’s just what you want. When you lease, you can have a home for a little while, but when you buy, it’s like making a home that’s truly yours. It’s important to think about how long you want to stay, how much money you have, and what will make you happy in the long run. Realtors care about finding the best housing solution for each person, whether it’s buying or leasing, to make sure everyone’s happy in their new home. 

Realtors are like super helpers when it comes to finding homes. They know about all the houses in different areas and can show you the ones that match what you want. They’re like friendly guides who know the secret paths to finding the perfect home. They can explain tricky things, help with paperwork, and make sure you’re getting the best deal. With a realtor’s help, you can make this big decision with confidence and ease. Reach out if there is any way I can help you with real estate, click here to access my calendar or see my contact info below!

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