Frequently asked Questions: Rent vs. Buy?

[Jay Thomas]

When looking for a new place to live, the first question you ask yourself will help drive the rest of your decision-making. Should you rent or buy? Buying may seem appealing because you will put an end to escalating rent and can build equity. But the reality of routine home maintenance and repairs can quickly drain a bank account. In general, whether renting or buying is better for you largely depends on your specific circumstances: 

How long do you plan to stay there?

If you expect to relocate in just a couple of years, renting is likely a better option. The longer you stay in one place, the more it makes sense to buy. Not only will your monthly payments go towards building equity, but you may also benefit from appreciation.

How much home can you afford?

If you can’t afford a home large enough to fit your family in a few years, it may be worth it to rent while you save a bit more.

What’s on the market?

If you can’t find a home you like, it’s likely not worth tying yourself to something you’re unhappy with.

Another factor to consider:

The current housing market is one of the most competitive in decades, with record-high prices and record-low inventory.

That means buyers should be prepared to make multiple offers and be aware that they may have to pay more than a home is listed for — sometimes thousands of dollars more — in order to get their offer approved.

Still can’t decide if buying is for you?

Hello! I'm Jay Thomas, a REALTOR in Houston, Texas. Chances are you and I share a similar passion, Real Estate! I also have a passion for building businesses, working out, inspiring others, technology, sports, and people. I can definitely assist you with more personalized advice based on your unique situation.

In the meantime, take a look at your budget and lifestyle to see if renting or buying makes the most sense for you.