Whether renting is better than buying really depends on several factors, all of which need to be carefully considered. How fast home prices and rents rise and how long you plan to stay in your home are two issues that are worth calculating.
A growing number of buyers are looking at Windsor homes for sale and asking themselves: Does it make sense to buy? Or should I rent? The market has certainly changed in the last several years. In the past, renters used to be college students and young married couples saving money for a home down payment. Now, however, renters cover all ages and economic types. With the uncertainty of the job market, many renters have no plans to buy until employment and job certainty picks up.
So it is a confusing time in the housing market. Here are some pros and cons to consider if you find yourself faced with this decision regarding renting or buying.:
Pros and Cons of Renting:
1. Pro: You pay the rent, landlords take care of the property.
2. Pro: More single-family homes are available for rent because homes are not selling quickly enough for many home sellers.
3. Pro: You can negotiate better deals if vacancy rates are high. Some landlords offer free cable, free parking or a lower deposit.
4. Con: There are often many rules that are enforced.
5. Con: Landlords may not allow pets, or you may not paint walls.
Pros and Cons of buying Windsor homes for sale:
1. Pro: A legitimate form of long-term investment. While real estate moves in cycles, over the years, real estate has consistently appreciated.
2. Pro: Mortgage Reduction Builds Equity: Each month that you make your house payment, your principal balance is reduced. One day, if you stay in your house long enough, you may own your house out right and have a significant amount of money when you decide to sell.
3. Con: Homeownership can be expensive. With upkeep and renovations, taxes, insurance, utilities, owning a home is not cheap.
4. Con: Owning a home is usually not a good short-term investment. If you plan on purchasing a home and living in it less than three years before selling, you may want to consider renting.
The only person who can really make the decision if buying a Windsor home for sale or renting is best for you, is you. Go online, and check out our Home Buyers Toolkit, or talk to a real estate agent to determine which option makes sense for you.