Diane Schwartz
Providing Real Estate Solutions
70 Long Lake Rd, Ste 100, Troy, MI 48098
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“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” Franklin D. Roosevelt
Diane Schwartz
Providing Real Estate Solutions
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Renting
Pros
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When renting, you have more mobility. If you don't like the neighborhood, you can move in a year.
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There is less commitment.
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Your landlord takes care of repairs and maintenance of the property.
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Your credit score doesn't have to be perfect. Landlords often accept tenants with lower scores.
Cons
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You're not investing in your future. Monthly rent payments pay the landlords mortgage - plus some.
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Landlord can raise the rent.
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Can't decorate the way you want to.
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Usually there is a "No Pet" policy.
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Can't dedct rent on your taxes.
Buying
Pros
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You can make any modifications that you want.
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You are investing in your own future.
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There are tax benefits.
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You can have pets.
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There's a sense of belonging to a community.
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Mortgage rates are still low.
Cons
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You are responsible for all repairs. Some can be very costly.
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Your mobility depends on whether you can sell your house quickly.
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Buy Now or Wait and Save a Larger Down Payment?
Are you better off buying a home with a lower down payment or continue renting while you save for a larger down payment? Find which is better for you?
Rent vs Buy Calculator
If you plan to stay in the same home for more than a couple of years, buying makes more sense, in most areas. In the last year, a 3-bedroom, 1 1/2 bath, 1,050 average square foot home, in Oakland County, rented for a median price of $1,300/month. The median price to purchase the same type of house was $133,000. According to the graph below, if you add in the additional costs of buying or renting, within 2 years - it's cheaper to buy! Check out this Rent vs Buy calculator!