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Renting vs Buying: Why it's the best time to buy a new house

December 23, 2020

The idea of buying a home can be daunting. There are a lot of steps to consider when deciding whether to take the plunge or stick with renting. One of the main concerns is finances. Luckily, if you buy a home in Kansas City, you will be pleasantly surprised by the gorgeous homes, spacious yards, and affordable costs. But, like any important decision, it is vital to consider the pros and cons when deciding if it is better to rent or buy a home.  

As a renter, you may enjoy not having as much responsibility and being able to freely move once your lease is at term. However, as nice as it may be just to call your landlord to fix a leaking faucet or broken fridge, you are limited in several things that can be troublesome:

  • No control over the appearance of the house and property
  • Little to no yard
  • Maintenance decisions including time and quality personnel are not yours to make
  • Unable to control things like water pressure, and utility replacements
  • Owner can sell the property at any time

Whereas, by purchasing you get to make all the decisions on your home and property. You no longer must wait for a landlord to make a call to a plumber or for the landlord to fix that leak in the ceiling. You can decide what electrician to use and that yes, replacing a dishwasher is indeed worth the cost. It’s also cheaper in the long run. 

Owning a home in a neighborhood means your neighbors, being homeowners themselves, will likely be more inclined to take care of their properties which can improve the value of your home and make a big impact on an appraisal should you ever decide to sell. Other benefits include:

  • Full customization over appearance and functionality of the home
  • Tax breaks (especially if you work from home)
  • Paying for your own property rather than a mortgage for someone else
  • Cheaper in the long run
  • Better security and privacy
  • Predictable payments
  • No risk of eviction

Image via Flickr by @alexandermills

Finances are usually the biggest dealbreaker when buying a home, but it doesn’t have to be. Rates are still historically low, and timing is everything in real estate. Deciding to own a home is not just about what you want to get for a certain price, it’s when you want to get it for the right price. Investopedia has a great article to help you learn how to analyze factors that can effect your readiness to buy a home. 

Deciding where to live is also a key consideration. Researching school districts, commute times, and activities will all play a role in where to buy your Kansas City home. 

At Inspired Living, we offer a variety of homes in safe neighborhoods to help you make the right choice. Whether you are looking to buy new or build your own home, we have properties in six beautiful communities: 

Arbor Crossing
Kensington Farms
Kessler Ridge
Lakeshore Meadows
The Reserve

Another key consideration when buying a home is space. Many factors play a role in the number of rooms and bathrooms, square footage, and yard size. But this year has seen an unprecedented number of employees working from home. 

Photo via Unsplash by @charlesdeluvio

This has resulted in people needing a space to perform the same duties as if they were at work. Most employers specifically require their work from home staff to have a private space where distractions such as children and pets will not impact their performance.

The tighter space of most rentals can cause issues when needing to have peace and privacy and hooking up home office machines like computers, printers, phones, faxes and more can be out of the question if it means tearing into walls or costing the landlord. 

By owning your home, you have control over what happens where and when. If you are able, having an extra room in your home to designate as an office can take a lot of the headache out of setting up a home office. 

Having a private space for your work is vital to boost your creativity, work free of distractions, spend your breaks with your family or unwinding in the comfort of your own home, not to mention saving commute time and wearing what you want. Plus, once your home office is set up, you can reap the tax rewards. 

Aside from more work from home employees than ever before, COVID-19 has been life-changing in many ways. One of the most notable turn of events has been the economy. This year has seen some of the lowest mortgage rates in history which means great buying power for home seekers. The low rates turned into massive increases in home sales, despite layoffs and business losses. 

While purchasing a new home during a pandemic may seem strange given a time of uncertainty, many have taken advantage of great interest rates and having a chance to start over. Things like the need to have an office to work from home, pandemic levels rising in their current area, and the desire to have a safe place to follow stay at home orders has been top of mind this year. 

Image via Unsplash by @alexazabache

Searching for and finding the right home during COVID-19 has caused realtors and sellers to change the way they do business. Real estate professionals have made safety a top priority to make sure their buyers and sellers are protected. Instead of meeting in offices people are meeting in parking lots, rather than doing home visits buyers are turning to computers for a virtual walk through, and instead of going into a lender or title company’s office to sign paperwork, professionals are using e-signatures on digital forms. 

The formal steps to homeownership haven’t changed. Potential buyers still need to meet with a lender in some manner, have their credit score(s) pulled, get pre-approved, search for a home, etc. But many people are taking the time to learn more about the loan programs available and what special programs they may qualify for. The advantage of first-time homebuyers’ programs are especially helpful to those taking the step from renting to homeownership. 

It’s a big decision to rent or buy a home – especially nowadays; but bottom line, owning a home is a better investment of your resources and time. With the numerous resources available to assist you financially and safely, there is no better time to start the process of buying your own home.

I love the home and how well-constructed it is. All of the individuals we've dealt with are top-notch.

Rose H. | Kessler Ridge at New Longview

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