Renting v/s buying a home is a tough decision to make. Renting and buying have their own pros and cons. So before making the final decision to rent or buy from the real estate agents in Buffalo, weigh all about the two options.
Buying homes
|
PROS |
CONS |
|
No landlord to answer to |
Requires substantial money |
|
More stability |
Risk of losing money if the home value falls |
|
Potential tax benefits |
Extra expenses |
|
Can upgrade home as per your taste |
Responsible for repairs |
Renting Homes
|
PROS |
CONS |
|
Fewer upfront costs |
Have to relocate on short notice |
|
Free to be mobile |
A landowner may raise rent unexpectedly |
|
No worries about falling home values |
No tax benefits |
|
No property tax bills |
Builds equity for the landlord |
Should I rent or buy a house from the real estate agents in Buffalo?
The decision to rent v/s buy isn’t so cut and dried. Here are the 7 questions you must ask yourself while considering the two options –
- What is your budget for monthly housing costs?
- Does a long-term investment sound good to you?
- How long are you planning to spend in the home?
If it’s’ less than four or five years, look for renting from the real estate agents in Buffalo
- Do you prefer stability or flexibility?
- Can your budget cover the home repairs and maintenance costs?
- What is your financial, career, and family goal? (For instance, are you planning to relocate for work in the future? Do you have plans for expanding your family?)
- Is the homeownership in your preferred locality affordable, or do you need to relocate the preference?
If your job is demanding you to move to an unfamiliar town or you have got no idea what neighborhood will work best for you, renting for a few months is a viable option.
You can get a sense of what you like or do not like during those rental days. Also, you can start exploring the different purchasing options during that time.
In a nutshell, no one of us has a crystal ball to look into the future. So, it is essential to evaluate your current life situation and the potential changes in the immediate future before making a long-term investment.
Our Recommendation
We recommend people who are going through major life alterations like divorce or downsizing to go for renting. In that way, one can decompress before making the house purchase. Contacting the real estate agents in Buffalo to buy a house may not be the right for their new lifestyles.
Another consideration that really matters before looking for the top real estate agents in Buffalo, NY, is: Can you afford a home that will match your lifestyle in the next few years or will a small budget limit your options?
Renting or buying homes ultimately comes down to what people can afford at the moment. We recommend you to put off the buying option if you are low on finances, or are not in a good mental state.
The Bottom Line
The decision between buying and renting homes will be a personal choice. If you find yourself at sea trying to decide between the two, speak with Mike Silbak Real Estate.
We have a team of the most adept real estate agents in Buffalo that will guide you in making an informed decision. Whether you are looking for buying or renting, we have the best options for you within your budget.
Your journey to the dream house begins with us!
