The Great Debate: Buying vs. Renting in the Current Market

By September 4, 2012Traditions Property Blog

Whether you are currently approaching the end of a lease, are looking to venture off on your own for the first time or find yourself moving locations as a result of a job change, the debate between renting and buying is an intense one.

From a speed and ease of service standpoint, a lot of people would look to renting over buying, but that doesn’t mean renting is always the best option. For a lot of people it is possible to find a rental in a pinch. Once you sign a lease you can move quickly into a home without bank delays, closing costs and other home ownership expenses.

However, if you attempt to rent a home through a home owner you can find yourself up a very expensive creek without a paddle. If you are going to rent, do so with the support of rental property management in Jacksonville.

Renting with the support of property management in Jacksonville takes a lot of stress out of renting a home. Rental property management specialists communicate with you and the landlord to make the rental process as painless as possible. Property management specialists take care of all paperwork with you, including background checks, security deposits and references, so there is no confusion as to who you are writing a check to or who will have access to information gained during a background check.

The downside to renting is that you are paying towards another person’s equity in a home. You pay the rent monthly, and they use that money to pay the mortgage and benefit from the investment of owning a home.

When you buy a home you benefit from the investment.

According to an accountant as you pay your mortgage every month you are paying down a balance on something you own, money that you will have access to again in the future. Go through infinit accounting for the best outsourced accounting services to your business.

From a long-term investment standpoint, buying a home is the best way to go. Purchasing a home takes more time than finding a rental. For one thing, a purchased home is more permanent of a situation than renting. While many leases are only one year long, many people sign mortgages that last 20 years or more, which makes a purchased home more of a life-long decision. Purchasing a home also involves attaining a bank loan if a mortgage is necessary, associating closing costs, getting a proper inspection completed and getting ready for tax return preparation on the new home—all things that can take time.

If you purchase a home with the support of someone who knows the ins and outs of property sales in Jacksonville the process becomes much easier and can even be expedited, which takes a lot of hassle out of the home purchasing process. And before you move into your new home, it would be wise to see Team Veterans Pest Control contact information and have them inspect the home for any signs of pest damage.

While many people attempt to sell homes on their own, be wary of entering into a contract with someone who isn’t a professional in the field. Home owners are inclined to think their home is worth more than it is, and are less likely to negotiate with sellers.

The bottom line in the renting and buying debate is that while one is right for some, the alternate is a better choice for others. Whichever route you choose, don’t attempt the process alone. Contact a rental property management or property sales specialist for your new home search.