Renting or Buying – What’s right for you?

3577 Sagamore Dr, College Station, TX

There’s no simple answer as to whether you should rent or buy your next home. The answer largely depends on your income and your plans for the near and distant future. If you’re thinking of buying a home in Bryan/College Station here are some things that you can consider before making your decision.

First, consider whether you’re in a financial position to buy a home there are home buying calculators online that can help you get an idea of whether you’re in good financial shape. 

Personal needs

Are you looking for a home you can stay in long-term or are you wanting a home that you can move away from in a short time?  Renting gives you the ability to pack up and leave as soon as the lease is up.  Homeowners often need to sell or rent out their homes if they decide to move away. So, being a renter means you can move much more easily, but you don’t have the same stability. 

Homeowners have more stability because they determine what happens to their property. As a renter, you have no say in whether the property is under new management or ownership. If the landlord sells the property, you may not even be able to renew your current lease. Landlords can increase your rent or even decide they would rather turn their rental units into condos. That means with flexibility there may be a little risk. 

Is renting always a waste of money?

Your money isn’t always wasted. While you generally pay more for rent than you would for a mortgage of the same space, you do get some bonuses. When you rent a home, the owner takes care of maintenance. That means if the water heater or air-conditioner go out, you won’t have a large unexpected expense. Also, renting can come with bonuses like a clean pool and other amenities. 

However, you will be paying for everything you get when you rent. All of the services provided are included in your monthly payment.  Even if you don’t use all of the amenities, you are paying for them. Make sure the community where you decide to rent your home has amenities you want to use. That goes for homebuyers with an HOA, as well.  Then you can get your money’s worth. 

Are houses too much of a hassle?

Not usually. Not only do you have a lower payment making maintenance issues more affordable, but you have options to help you deal with any unexpected maintenance problems that may arise. Home warranties can help. If you’re worried about sudden repair expenses a home warranty may ease your fears. If you’re worried about lawn maintenance, consider a condo or hire a service.

Whether you decide to buy or rent is up to you and your budget. There is a lot of personal preference involved in the decision. Sometimes the responsibility of owning property may seem like too much.  Other times the freedom to make the changes you want to the property, like painting your child’s room pink, are worth any possible future maintenance the home needs. If you need help understanding real estate, ask your realtor for advice. Your realtor can help you find the right community for you.