Buying vs. Renting in DC

It’s a known fact that Washington DC real estate isn’t as affordable for most people (though one need only to research in order to get the best deals). Current mortgage rates aren’t helping much, plus the high cost of living in several districts in the region could be rather intimidating. But don’t let that deter you from moving into this historic and beautiful location! Tons of online resources offer help and professional advice for those who are willing to jump into this once-in-a-lifetime opportunity to be at the Capitol. When it comes to buying or renting a home in Washington though, how do you choose?
Here are some simple pointers to bear in mind:

• Buying is still cheaper than renting.

• Buying real estate makes way for future stability.

• Real estate in DC is a hot commodity.

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Although mortgage rates have been higher than previous years, it’s not a valid reason not to purchase a home. In fact, since the numbers don’t show any signs of going down, now would be a good time for such an investment. Comparing the total expenses of homeowners with renters, statistics have shown that homeowners actually save more ; particularly if they finish their mortgage payments. This leaves more room for family and/or retirement plans. Total costs of renting on the other hand, involve down payments, security deposits, maintenance, inflation, and insurance – all of which aren’t very practical for those who want to establish a family. This leads us to the next topic at hand.

An important issue as well with renting is stability. An obvious benefit would be mobility, since it allows a person to move from place to place. This isn’t conducive for those who will have families later on though. If settling in the DC region, the different neighborhoods offer unique personalities suited for everyone. Singles, seniors, single parents, and students could all find a home they’d feel welcome in. The choice is really up to you. In the long run, having a home can be likened to securing a future. Financial experts might argue that houses are in fact liabilities; but it’s a wonderful gift to yourself and your potential children.

A third point to consider when making your decision is the location itself – DC is a fine place to settle in. Real estate brokers would agree that homes for sale in Washington aren’t only historic, but rise in value for reselling. Hence, there should be no fear when making your purchase. Property agents are there for guidance so feel free to ask them anything. In addition, the lovely areas in DC present an array of opportunities and endless possibilities. Recent studies have also found out that it’s a top choice for singles in the past year – a great way to make new connections!

Still confused whether to rent or buy in DC? Sit down and ask yourself the hard questions about budget, personal needs, and also upcoming plans. Involve friends and/or family members in the decision-making process if you have to. The important thing is being happy with your choice. Trends and stats change over time, but the feeling of contentment in having a place to call ‘home’ is incomparable.