Renting or buying home in Washington DC – what is smarter?
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Renting or buying home in Washington DC, the struggle of that choice is on the minds of everyone living in the area. Owning a home provides the stability that many people seek, but the increasingly unstable housing market makes a lot of people turn to renting. That is understandable, as a lot of people think they simply can’t afford to buy their own place. At the same time, a lot of people are trying to push through and finally buy and own a home, to avoid even bigger risks down the line. Washington DC is no different than any other place in the United States in that regard. A growing number of people are exploring the possibility of settling down in Washington DC. At the same time, an almost equal number of people are moving elsewhere. Whether you decide to buy or rent a place, Washington DC movers will be happy to take your call. If you are still trying to figure out what works best for you, we’ve compiled a list of pros and cons for both options.
Pros of buying your home
Buying a home offers many, many advantages. These are the biggest ones:
- Feeling of stability
- Complete privacy
- Freedom to decorate and renovate how and when you see fit
- You own a financial asset whose value can only go up as time goes by
By stability, we mean you never have to think about being evicted by a landlord or wonder if the rent price will suddenly go up. That feeling of being secure in your own home is one of the biggest motivations people have when deciding to buy a home. Should you decide one day to completely change it inside and renovate it, you have no obstacles. Renovating a house and making it more appealing can also have a beneficial effect on the price of your home if you decide to sell it one day. That way you can get more money for it than what you spent. That can particularly come in handy if you decide to relocate with long distance movers DC has to offer, to a different state where you don’t know what to expect in terms of prices and the cost of living.
Cons of buying a place in Washington DC
Buying a home can be a huge financial burden. Getting enough funds for a down payment is something many people struggle with. On top of that, homes may come with hidden costs. Make sure you properly inspect the property before committing to buy it. Also, if you don’t plan to stay in an area for more than 3 years, renting is better. Anything less than 3 years can sour your home buying experience. Just as you start to settle in and grow your roots in a place, deciding to pack and leave can be troublesome. You’d have to put the house on market, wait for the appropriate offer, finalize the sale, etc.
Maybe you even have excess stuff which you don’t know where to put away. All that, while you are searching for a new home elsewhere. But thankfully, Helix Moving & Storage can help you with that. We can provide you with safe storage units, so you will not have to worry about the safety of your items. You will be able to focus on finding a new home. Choosing between renting or buying home in Washington DC can be a difficult decision, but it’s well worth the effort.
Renting a home in Washington DC
If you are closer to deciding to rent a place instead of buying it, let’s get familiar with what this housing option has to offer. Remember, renting a home is not throwing your money away, as some may say. It is a valid and valuable housing arrangement that may suit your needs better. Maybe buying a house or an apartment is not the best decision for you right now, and that is perfectly fine and reasonable. You shouldn’t decide to do something potentially detrimental to your financial situation just because it’s the more popular choice. You have to do what is right for you, so let’s analyze what renting a home in Washington DC brings.
Pros of renting a home
First of all, you should opt for renting instead of buying when your future is not firmly set in a specific place. Maybe you are planning to move to a different city or a different state in the future. Or you would like to explore other housing options in the next few years. Maybe you want to invest money in something else, rather than a home. If you want to use your money on a potentially life-changing move, like going to grad school or starting a private business, then renting is a better fit. That way, you don’t have the financial burden of offering a down payment for a home. Also, you don’t have to worry about the maintenance of the property that you are renting.
While you pay for rent and bills, in case something breaks or needs repair is your landlord’s responsibility. This allows you to have more financial flexibility versus owning a home. It is also much easier to leave and change places if you decide to move somewhere else. Make sure you are familiar with the local movers DC has to offer once you decide to relocate. No matter if you rent or buy a home you will need professionals by your side to help you safely transfer all your items.
Cons of renting
The downside of renting a home in Washington DC is that you are not building any equity over time. You are not the owner of that home, therefore you won’t benefit from it in the long run. You also have limited options in terms of renovating and decorating the place, as not all landlords allow that. Also, the biggest downside is potentially getting evicted by your landlord if he decides to sell the place or rent it for a higher fee.
Renting or buying home in Washington DC – the verdict
These are just some of the pros and cons of renting vs buying a home, that will help you make the right decision. Just remember, that we are all different and we have different needs and plans for the future. Renting or buying home in Washington DC is an important decision that you need to make on your own. Just take your time and do some research and you will be able to choose the option that works the best for you!
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