Sacramento Real Estate: Buying vs Renting | Real Estate ...

Having a home of your own is one of the most important but at the same time, the most costly thing to purchase during one?s lifetime. You have your own choice. You can rent or even buy a home as long as you have the money to spend for it. Whether you decide to rent or buy, either choice comes with its own rewards and risks. Below are things you have to see for yourself in buying or even renting homes in Sacramento region. Check the comparison table / advantages and even the disadvantages of home buying and home renting;

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Take a look on the Advantages of Buying versus Renting
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Buying
Renting
You have to settle taxes.
You don?t need to pay taxes
You can rectify your home and can improve it anytime you wanted.
You can?t improve or rectify anything from the house / unit, need to ask permission from the owner.
Build equity in your home as value appreciates.
You pay monthly rentals to the home / unit owner.
Control of loan payment options
Rent increases yearly.
You have to pay for monthly association dues if applicable.
The owner pays for monthly association dues.

Apart from the advantages of buying, it also has disadvantages as well. Check them out below;

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Buying
Renting
You will fix everything and pay for everything coming from your very own pocket.
Your landlord will shoulder all the necessary things needed to be bought for fixing the house.
Before you can vacate the property, you need to sell or put on lease your property.
You can move out anytime you wanted as long as your terms have ended.
You have to pay yearly taxes and other encumbrances.
No need to pay for property taxes.
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Even though home ownerships have disadvantages, buying homes can be considered one of the best investments you can make while you are living. It has great benefits and even your children will be benefitted from it.
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When to buy a house?
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According to some realtors, ?People, who have generally rented their whole lives, purchase a home for various reasons. Owning something of value with a chance of watching their investment appreciate is one reason. Purchasing a home to save money over the long-term is another.?
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Let?s put it this way, for example you are renting a two-bedroom, two-bath apartment and you are paying a monthly rent of $ 1,000 While you are walking in the nearby county, you saw a condo unit for rent, a two-bedroom, two-bath at a market price of $ 250,000. With this thing, you have $ 25,000 saved ? enough for a 10 percent down payment. For the purpose of this example, you?re looking to finance $ 225,000, which includes closing costs.
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To get the exact computation on this matter, you may use the ever reliable financial calculator. You may ask your local realtor about this or seek help from your local Department of Real Estate (DRE) about this financial calculator. But always keep in your mind that these calculations are estimates only. You should always seek the guidance of financial or tax experts before making any buying decisions.
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There are also financial analyst who can help you calculated everything for you, you may go online and seek their advices and services. They are used to give their services for a very affordable amount. Financial analyst will always do their homework for you, just give them the specific needs you want to analyze and done! Tell them how much is your monthly rentals and they will make a computation, comparing it to buying a home.

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Source: http://sipd2010.com/sacramento-real-estate-buying-vs-renting/

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