We hear a lot from our neighbors that they're frustrated with renting in the Tri-Cities. The fact is there are few places to rent, and prices are high. If it's desirable, it will be out of your budget. If it's affordable, it has problems. That's if you can find a place at all in your time frame.
We hear you. We're here to help if you're ready to move into a home. There are still things that can help you absolutely know it's the right time, and we're here to discuss them. Much of this post is gleaned from The Lender's Network web site, so feel free to follow the link at the bottom of this post to find out even more. This is a shortened version to give you the basics.
Advantages to Owning
- It's your home. The pride of ownership is an amazing feeling.
- Upgrade and renovate your home as you like. Paint in whatever color you fancy, and that extra room would be an awesome studio. Time to lay down tracks.
- No rising rents. Mortgage does not go up, but escrow will go up a bit each year to account for new taxes.
- Shared walls, ceilings and floors with strangers making so much noise all the time. 3am again? Really?
- Get those pets you wanted, and even chickens! (but not roosters). Fresh eggs!
- Enough parking for your 2 cars, ATV, motorcycle and RV. Score!
- Control over where you will live. Locations are many for homes, and limited for apartments.
- The Breakeven Horizon from Zillow is 1-2 years for Kennewick. Richland and Pasco have similar percentages based on a rent-to-buy ratio.
- Parties in your own back yard. Pass the ketchup, please.
- Kids don't have to use a shared playground. So many benefits to this alone!
- No more laundromat visits. Bonus.
- No more knocks on the door from people looking for previous tenants. Sketchy dude, go away.
- Part of your mortgage payment goes toward the value of your home.
- Equity means the amount you paid versus the amount the home is worth. If the market goes up, that's can be a nice profit when you sell.
- Extra tax breaks for homeowners. Time for that long form!
- Amazing first-time homebuyer programs make it easier than ever to cover a down payment.
- Veterans get a special program for buying. Thank you for your service.
- Even if you stay only a few, years, it's very likely you will come out ahead financially due to the continued growth and uptick of prices.
Advantages to Renting
- You're in a temporary situation, and plan to leave the area
- Your credit score needs improvement
- You can't carry a mortgage payment based on your earnings
- You hate yard work and that's taken care of by the owner
- Repairs aren't your problem
- Lower move-in costs
- Depending on location and unit, lower monthly payments
As you can see and probably already know, owning is not only a big step, it may or may not suit your needs at this time. If you want to know more from a realtor who is on your side and can tell you what direction the market is heading, contact us today. You would be surprised to find out that credit rating may not be as much of a problem as you think, and maybe the noise from that dog in 204 is really getting on your nerves.