Sterling Stone Real Estate & Co | Chelmsford Real Estate, Westford Real Estate, Needham Real Estate


The rent vs buy dilemma is something that Americans have been facing for decades. Both options have their benefits, and it’s really a matter of timing and preferences when it comes to choosing which is best for you.

However, there are a lot of things to consider before making this decision. So, in today’s post we’re going to break down some of the benefits of renting an apartment and of buying a home. That way you can make your decision with a clearer picture of what each situation looks like.

One thing to note first, however, is that it isn’t always as simple as buy vs rent. Some living situations draw on the pros of each type of living. For example, living in a condo might be a good option for people who want the privacy and independence of owning their own home, but who also don’t have the time or desire to keep up with maintenance.

So, as we compare buying and renting, keep in mind that the features of each are not mutually exclusive.

Renting an apartment

Most people who are living on their own for the first time start off renting. For younger people just out of school, renting offers the first taste of independence without the prerequisites of homeownership.

When you rent your first apartment, you’ll learn the skills associated with budgeting for your monthly expenses, making your rent payments on time, and will start learning some of the skills that it takes to run a household.

In terms of monthly costs, apartments can vary greatly. Depending on where you live (and how luxurious the apartment is) you could end up having rent and utility payments that are much lower or much higher than mortgage payments for a house.

However, apartment leases often come with the benefit of utilities, trash removal, and other expenses built in. They also typically require the landlord to maintain the apartment and the land it sits on.

Live in the northern part of the country and hate shoveling snow? Make sure your lease specifies that your landlord will provide snow removal.

One technique that many renters take is to find an apartment that is small and affordable while they save up for a home. In this case, it’s worth living with fewer amenities if your end goal is saving for a down payment.

But, what if you want to own a home someday but haven’t quite decided where you want to settle down? Maybe your work keeps you moving from place to place or you’ve always wanted to move away to somewhere new.

Renting is typically a better option for those who aren’t quite sure what their plans are for the next coming years. They can have a stable place to live while they figure things out and plan their next move.

Buying a home

Once you’ve rented a home for a while, you might become increasingly aware that you want more space and more control over your home.

You’re also likely noticing how much money you spend on rent each month that is essentially a net loss.

When you buy a home, your mortgage payments might be going to the bank, but someday the money you’ve paid toward that home will be yours in the form of equity. You can then use this as a down payment for another home.

This financial benefit cannot be understated. Since house values dependably increase over time, owning a home is a great investment toward your future.

So, those are the main pros and cons of renting vs buying a home. Think about your circumstances and determine which one makes the most sense for you right now. Then, start planning for the future.



181 Littleton Road, Chelmsford, MA 01824

Condo

$254,000
Price

5
Rooms
2
Beds
2
Baths
This is the one! Remodeled First floor, corner Unit in bldg. 7 of Woodcrest II. Updated Unit features include new kitchen - with brand new cabinets, counter tops, floors plus newer SS appliances. Two full Updated Bathrooms with new plumbing, new vanities & flooring. Living/bedrooms feature new WW carpet plus the entire unit has been freshly painted w/tasteful, neutral colors. Master Bedroom has updated master bath and large closets. Unit also features ample storage space plus in-unit laundry. Drive into the underground, heated garage and take the elevator up to this move-in ready home. Come and enjoy the convenience of living at Woodcrest and enjoy all that they have to offer, including pool, tennis and putting green. A Great Unit and a Great location. Close to Chelmsford Center, Highways, walking trails, shopping and more.
Open House
Sunday
September 15 at 11:30 AM to 12:30 PM
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Location: 181 Littleton Road, Chelmsford, MA 01824    Get Directions

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227 Nesmith St, Lowell, MA 01852

Belvidere

Condo

$137,900
Price

3
Rooms
1
Beds
1
Baths
3rd floor Penthouse condo in Belvidere Hill Estates. Well maintained spacious rooms with hardwood floors and newer windows. Off street parking. Great commuter location, walk to downtown Lowell. Small complex with a total of only 12 units in 3 buildings.
Open House
No scheduled Open Houses

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Buying a home is the mark of an important milestone in your life. While you’re very excited, you need to be prepared for all of the costs that are associated with buying a home. There are a few different costs that go into buying a home that are often overlooked. Before you dive into the home buying process, you’ll want to be prepared.



The Closing Costs


Many homebuyers have gone smoothly through the process of buying a home until they get to the closing table. They suddenly realize that they need a bit more cash than they anticipated. You probably were more than prepared with your down payment, but there’s other costs that are associated with buying a home. Some costs that you should be prepared for include:


  • The home appraisal
  • Attorney’s fees
  • lender’s fees
  • Underwriting fee
  • Processing fees
  • Inspection fees



You’ll receive a disclosure up front to help you understand all of the charges and cash that you must present when your signing the final documents for the purchase of the house. Keep in mind that many of these fees can be negotiable. 


Decorating Your New Home


Once you move into a new home, you’re going to want to decorate the space. You may need a some new furniture. Perhaps you own no furniture and need to furnish the entire house. You’ll want to budget for this. The good news is that there are plenty of ways to fill up your home with items that won’t break the bank yet look good in the home. Places that you can shop include online sources like Craigslist or Facebook Marketplace. You can even check out local second hand stores for some great deals on furniture and decor that is in good condition. The important thing is that you understand how much you’ll need to buy as you move into the home.   



Escrow Accounts


The escrow account typically holds the insurance and taxes for the home. Funds are withdrawn as premiums and payments are due. Not every lender has these set up, but you should be prepared to have the money up front for the home insurance and even the taxes at the closing table.  


Improvements Around The Home


There will be plenty of things that you’ll want to do around your new home to spruce up the place and make it your own. From planting bushes in the front to flower gardens outside to fresh coats of paint, you’ll quickly discover how expensive it is to be a homeowner. 

     

If you’re preparing to buy a home, now you understand why saving is so important! Investigate all the costs that you’ll need to pay up front while you’re in the midst of buying a home to avoid any surprises.


This is the one! Remodeled First floor, corner Unit in bldg. 7 of Woodcrest II. Updated Unit features include new kitchen - with brand new cabinets, counter tops, floors plus newer SS appliances. Two full Updated Bathrooms with new plumbing, new vanities & flooring. Living/bedrooms feature new WW carpet plus the entire unit has been freshly painted w/tasteful, neutral colors. Master Bedroom has updated master bath and large closets. Unit also features ample storage space plus in-unit laundry. Drive into the underground, heated garage and take the elevator up to this move-in ready home. Come and enjoy the convenience of living at Woodcrest and enjoy all that they have to offer, including pool, tennis and putting green. A Great Unit and a Great location. Close to Chelmsford Center, Highways, walking trails, shopping and more.

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