All across the U.S., folks are wondering whether it is time to buy or to continue renting. While the rising home prices have some potential buyers thinking that renting may be the better option for now, rental prices are on the rise. So which route is best? Let’s take a look at the pros and cons.
Incline Village, NV Real Estate has plenty of condos and homes for rent. Renting can be convenient as it provides flexibility. Moving when you are a renter seems relatively cheaper than it is when buying and you aren’t locked into one place for longer than 6-12 months if you don’t want to be. This can make renting seem more desirable than buying homes for sale in Incline Village, NV. However, did you know that repairs and other fees are worked into your rental rate? You also don’t have the freedom to do as you wish with your space. Additionally, rent usually increases each time the lease expires.
While owning a home may not provide flexibility the way renting does, it does have some other perks. When you buy Incline Village, NV real estate, you lock in your housing cost. Which means, you know every single month for as long as you own that property what your monthly housing costs will be. While you are responsible for the down payment for a mortgage, closing costs, repairs and the usual costs that come with home ownership, that money is money you are investing in yourself and your future wealth. When you rent, you are not gaining any equity, but your landlord is.
Thinking you are ready to buy, but not sure homes for sale in Incline Village, NV are the way to go due to all the space and upkeep? Consider a condo. The have HOAs which help handle grounds-keeping, snow removal and maintenance. Additionally, they are usually pretty easy to rent out if you find yourself needing to relocate or want to move in to a bigger property when the time comes.
Like all other things, both come with pros and cons, but you have to figure out what is best for your long term goals. If you are interested in buying Incline Village, NV real estate, feel free to give us a call. We would be happy to help!