Renting vs. Buying In Spokane. There are pros and cons to each side. Make sure you know your options before you decide.
Thinking about buying your own home, but not sure if it’s the right move?
If you’re renting you’ve likely been told at some point how much money you would save buying your own home. Yet, depending on where you live, when you look at the costs the numbers don’t play out. It seems like getting a house as nice as your rental could cost as much or more than you’re paying now. Plus, as a homeowner you may be responsible for things like power, water and garbage bringing your expenses up even more.
So…if it’s not cheaper why should I buy a house instead of just renting?
If you’re wanting to build long term wealth and financial security real estate is a great investment. While it might not be cheaper in the short term, it’s important to remember that every penny you pay in rent is going into someone else’s pocket. This means you’re paying for their kids education and their retirement instead of investing in your own future. But, when you own your own home each time you pay the mortgage you are paying down a portion of what you owe on it. This is like having a savings account you put money into each month. And, don’t forget, while you are paying down the amount you owe your home is also increasing in value. Meaning a nice return when you sell or refinance down the road.
Right now there are over 161,000 renters in the Spokane area and more than 40,000 are eligible to buy their own home. Use our FREE Home Purchase Qualifier to find out if you’re eligible and what home ownership could look like for you.