San Francisco Real Estate - Residential

Rent or Buy?

We always say, "buy" if you can afford it, but then we are bullish on real estate as a wealth builder. The latest MoneyPit newsletter discussed the pros and cons of renting and buying property.

Pros for renting are, "As a renter, you’re freed from the responsibility of tasks beyond maintaining the cleanliness and general order of your unit. When an appliance breaks down, carpeting wears out or a light fixture is literally on the blink, all you have to do is call the super and things are righted, usually at no cost to you."

The downside is, "...you’re relying on someone else to get the work done..."

It goes on to talk about the things you need to think about when buying like, "Hidden costs: Along with property taxes, insurance and purchase fees, home care costs should be part of your buying budget. If you stumble upon your dream home, resist falling in love and opening your pockets until you’ve engaged the services of a professional home inspector. After his or her inside-and-out assessment, you’ll know what potential problems and projects lurk beneath the sparkling exterior, and can address them in both your purchase agreement and long-term budget."

Read the rest of the article here and go to the "On the Wire" section.

- Mick Orton

posted by SFResidence.com @ 7:29 AM