Three Big Things to Consider When Considering Renting vs. Buying

Whether this move is your first time living away from home or your third address with a growing family, you have plenty of living arrangements to choose from. Instead of buying, some people choose to rent as part of their long-term financial goals to save money to own property. Others use renting as a way to rebuild their credit score. But the most popular appeal of renting versus buying is the flexibility. 

If you are unsure whether now is the right time to purchase a home or rent, here are three questions to ask yourself about renting vs. buying. 

Does owning property fit with your plans right now?

Are you looking for properties to buy in areas that you love, or are these options limited to what you can afford? Where do you see yourself in five years? Ten years? Would owning a home in this area still make sense? If you can’t answer with a heart-filled yes to both of these questions, you may be smarter to rent. 

“Renters can live practically anywhere, while homeowners are restricted to areas where they can afford to buy,” said Amanda C. Haury for Investopedia.com. “Although rents can be high in areas where home values are also high, renters can more readily find an affordable monthly payment than home buyers.”

Are you handy with tools?

A flooded basement, a squeaky staircase, or a broken dishwasher can wreck a budget. When the unexpected happens, it’s good to know that you’re taken care of— that someone else is responsible for making repairs . For example, at Villa Del Sol Apartment Homes in Santa Ana , we have knowledgeable and friendly staff who are trained and certified to make repairs. When you report that something is broken or in need of attention, our team will schedule a repair, ensuring that your home stays in tip-top shape. That’s much preferable to making a trip to the hardware store, isn’t it?

Are you prepared to put money down on a home?

Buying a home is a huge financial step. It’s true that moving into a new apartment is not without expenses: a security deposit, application fees, and first and last month’s rent up front. “But even added up those don’t compare to the steep requirement of a down payment and closing costs,” says Laura Mueller , a consumer expert. “And while your monthly rent might be a bit higher than a monthly mortgage cost, you don’t have to be concerned about fronting for things like property taxes and home repairs.”

If you have been a resident with us, thank you! If you decide to move elsewhere, we at Villa Del Sol Apartment Homes want to be sure that you are taken care of wherever you go. That’s why we instated our loyalty bonus: If you move from Villa Del Sol to another AMC property or vice versa, we’ll give you $250 to help you hit the ground running.

Whether you are a new resident or long-time guest, it’s easy to see why more and more people are choosing to rent. At Villa Del Sol Apartment Homes, we want to make coming home the best part of your day; give us a visit and see if we can’t help you with the renting vs. buying debate.