Moving to Central Phoenix: Rent or Buy First?
So you’ve decided to make the move to Central Phoenix…welcome!
The weather is perfect, the attractions are endless and there is a lifestyle for virtually everyone.
Moving by itself is an overwhelming and exhausting experience, but trying to decide whether you want to rent for a while or buy a home right away can be even more intimidating. Each option has its ups and downs, so the important thing is to decide what is best for you.
It’s no secret that at some point everyone wants to own his or her own home, it is the American Dream after all, but this is a very expensive dream that may not be the best option for you at this time.
Or it may be the perfect time for you to invest in a home, the decision is yours to make.
All we can do is offer you a guide to help you make an educated decision.
So you’re moving to Central Phoenix, should you rent or buy first? Let’s check out the pros and cons of each option!
Renting in Central Phoenix
Renting – The Pros
The main benefit of renting first is that the commitment is short-term.
You can take a few months to acclimate and get to know your new surroundings before you commit to living in the area long term. It’s like a test drive, you rent an apartment so you can get a good feel for the new area before you commit to the payments of your own home. If you end up hating the area, then you can just walk away without worrying about finding a buyer for your home and losing money.
When you rent you also have fewer responsibilities, because it isn’t your own home so you have less to worry about. Someone else handles repairs and issues and you don’t have to pay for the maintenance.
Whether you are looking to save money, trying to get to know a new region or you’re financially strapped, then renting may be the way to go.
Renting – The Cons
The worst part about renting is that you’re paying money for something that is essentially not yours – like leasing a car.
Renting an apartment is like borrowing someone else’s home – you can’t make any major changes like paint the walls or install new floors and you have to cooperate with the wishes of your landlord.
Your monthly payments are not tax deductible and you are basically helping your landlord make payments for their investment.
Buying in Central Phoenix
Buying – The Pros
The biggest benefit of buying and owning your own home is just that – you own it. It’s all yours to do with as you please.
You can alter your property as you please, you can rent it out, you can pass it down to your children or grandchildren and if you no longer want it you can potentially make a good profit on your real estate investment.
Every dollar you pay in interest for your home is also tax deductible and can save you a lot of money over time.
Buying – The Cons
Buying and owning a home is a big commitment.
You are responsible for repairing and maintaining your property. You are also financially responsible for all mortgage payments, and late payments could seriously hurt your credit score.
Buying a home is a long-term commitment and it’s also a hefty financial investment. There is also the risk of losing your investment if the real estate market crashes.
Owning a home is also more expensive on a monthly basis, because you have to pay for lawn maintenance, pool care, interest, taxes, insurance and other homeowner expenses.
Although it seems like a lot, buying and owning a home is a strong goal that most people strive for, and once it’s achieved there’s a sense of pride and accomplishment that accompanies the investment, which can appease your feelings of worry and fear.
The Best Decision For You Is…
Whether you are looking to rent or buy, Central Phoenix has many options to choose from.
Roberta Candelaria is literally known as “The Condo Lady,” so there is no one better to help you with your search than one of the top realtors in Central Phoenix.
Regardless of whether you choose to rent or buy, moving to Central Phoenix will be a wonderful and exciting experience for you and yours!