Can I Really Afford Kent Homes for Sale or Should I Just Rent?

HomeReal Estate

  • Author Christa Johanson
  • Published November 21, 2011
  • Word count 544

The question whether it is smart to rent or buy a house in Kent real estate holds a simple answer. It actually depends on your social standing. But first, let’s try to weigh things out and check what is really wiser to do.

There are many factors to consider when you are thinking about renting or to purchasing a property in Kent, WA. Conventional wisdom tells us that buying a home is more practical in terms of making a financial decision. But in today’s world, renting might seem to be more of an "in thing." Here are some things to consider before making a decision.

Home ownership

When looking into home ownership in Kent real estate you have to think before buying. Ask yourself how long you plan to stay in that house you are buying. Do you have a clue how much it really is to own a house in Kent? A new mortgage calls for many upfront costs and that includes a down payment, loan origination fees and closing costs.

It is very important to think of how much equity you can establish in that new home otherwise you will not get the initial investment you shelled out. This holds true when you will only be living in that house for a short period of time. Think long term when planning to shop for Kent homes.

It is inevitable when the rise and fall of market value for homes take place. Other people would just like to "dive in" into getting a house while the rates are low. Before looking into Kent homes for sale, you should get an idea of the overall trend of house values in the area. There seems to be a seasonal peak when it comes to making a good investment. So when you notice that houses are gaining value today, go for it. If not, you might just want to rent.

Looking into renting

The house rental market is getting a good boom. If you flip through the pages of newspaper classifieds, apartment publications, browse online or take a look at college campus bulletin boards, you will see so many rental ads published and advertised.

Before hitting the pavement you will be required to do some paper work and pay the rent in advance. Your first payment will be refundable should you want to end the rental. There will also be a lease where it states the agreement between owner and tenant. Be aware of your rights and obligations as a renter. You can get more ideas about it in your government’s website in your state.

In terms of rental increases you should look closely how much percent your landlord raises the rent per year. The big question is, can you afford it? The reality is that paying rent is never ending because the property is not yours. So if you are looking into renting for the most part of your life, you will also be paying rent every month and will never make a profit.

So, can you really afford Kent homes for sale or should you just rent? The answer lies in your personal beliefs, your financial stability and your social status. Look into all aspects before going into Kent real estate.

Christa Johansson is a freelance writer who writes about real estate and other similar topics. See Kent homes for sale and Kent real estate quality listings from our site.

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