To rent or to buy – it’s a subject that’s debatable and there are pros and cons for both. You can find tons of information that give you the good and the bad on both ends of the spectrum but it really boils down to what is best for you and your family. It’s easy to evaluate all of the traditional points on the investment versus monthly rental but these may become secondary if your own personal needs don’t fit precisely into one or the other standard molds. There are many factors that figure into the final decision and many don’t have anything to do with the typical criteria.
It’s important to state that you shouldn’t discard the traditional information. There’s plenty available that pertain to the long-term investment of buying and the shorter terms of renting like this rent vs. buy calculator from the New York Times. You can read about this subject but be aware that a good bit of this information concentrates on the “renting is throwing your money away” thought. The recent downfall of the housing market has proven that this basis isn’t always the gospel. Another fact is that life changes directions and what was once was a good investment may become a financial burden down the road.
With all of this said, it’s important to examine the possible needs of you and/or your family that should be put on your consideration list.
- Savings – using your nest egg to make the down payment on buying a home may leave you vulnerable financially. What if you need that money for another family or personal necessity at a later time?
- Job Security – you may be in a career that could require relocation. It’s much easier to negotiate a short-term commitment than it is to put your home on the market and hope it sells in time for you to make a move and get another place to live.
- Flexibility – maybe your needs change and you need more space to accommodate a new addition to your family or you find a place that is much more convenient to work or school. A six month or one year rental agreement isn’t very long to wait to make that move.
- Maintenance – it’s an additional bonus having the air conditioning unit replaced or the leaky sink repaired by the property management and it’s included in your rent! No out-of-pocket expenses for these pesky inconveniences make life much easier not to mention cost effective.
There are many more reasons that you need to take into account that are important to you and your family’s needs in addition to the usual financial advisements. Only you know what’s important and making sure you have all bases covered will help you make a rent or buy decision that will benefit your family the best.
Summit Property Management of NWA proudly serves their communities with professional and courteous service. Call them to help you make the best decision in rental properties.