01 Feb Should I Rent or Buy?
The decision to purchase a home or property has many implications and is not to be entered into without a great deal of thought and planning. In this post, we’ll look at some of the issues that should be considered when you are weighing the decision of buying vs. renting.
One important factor is how long you plan to stay in the home or property. In economies of years past, 5-7 years was a good rule of thumb to consider as a time buyers should plan to stay in a property. The housing recession has altered that and now buying can still be a good option even if you only plan to stay 2 or 3 years.
Something else to look at is the set of predictions around future property prices and renting costs. Ask yourself whether you expect property and home prices to rise or fall during your time in the home. Buying can look like a better option when home values are stabilized.
Tax benefits are another aspect to think about when making a decision to buy or rent. While not enough to completely persuade you, tax deductibility is a great perk. Buyers can deduct property taxes and mortgage insurance when filing for federal and state income taxes.
An additional factor in the rent vs. buy debate, and one we deal with quite a bit in our business of professional property management is maintenance. Deciding to become a homeowner means you are taking the “for better or worse” perspective about your house or property. The pros of this are having freedom to decorate, design and renovate as you see fit. The cons are that when a sink backs up or a roof leaks, you are responsible for fixing it.
Any homeowners or property owners who become clients of MPS enjoy the following property management services in the area of maintenance:
- In-house maintenance professionals
- Hiring and supervision of service vendors (if necessary)
- Landscape maintenance
- Pool services
- Property inspections (if needed)
- Computerized maintenance tracking system
- After hours repair calls (for emergencies)
As a renter, when things go wrong with your rental property, you can call someone else to take care of it. Metro Property Services manages the maintenance needs of our clients, whether they are tenants living the property or property owners who live out of town. This is just one aspect of renting and buying through which we can provide peace of mind for our clients.
Another issue to consider when you ask yourself “should I rent or buy?” is transaction costs. The primary upfront cost associated with buying a home is the down payment. There are other transaction fees and closing costs that can also affect your monthly payment and these should be researched prior to beginning your house hunt. However, working with dedicated professionals such as our team at MLM can make this process a much smoother one.
As the premier property management company exclusively focused on providing leasing and management services to owners and tenants of estate property, single family dwellings, condominiums and town-homes in Los Angeles Westside, we have no peers when it comes to excellence. After weighing your options, it doesn’t matter if you decide to rent or buy, we can help!
Metropolitan Leasing and Management offers such expert independent representation. Contact us for details at 310-220-4495 or visit us online.