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Beaverton Oregon Real Estate: Renting vs Buying, no longer a hard decision

 

Rent vs Buy by svilen001If you are looking in to buying a home inBeaverton, Oregon, rather than renting, there really is no better time to looking into buying real estate rather than renting it. A couple years ago, I saidthe same thing. But then the reason it made sense was because of the tax write offs you get and what it can do for your family.

But, today, there is evena better reason. In the last two months I’vehad two homes listed at prices were the renters in them were paying more than the mortgage payments would be if you were to buy them at the price it was listed at. Can you imagine buying a home, that you were paying rent on for thepasttwo years at $1250 a month, and only having a mortgage payment of $1089 with taxes and insurance?

Now, granted this isn’t the norm for Beaverton, Oregon, real estate prices andyou aren’t going to get a large home or a perfect home, but it sure would make a great starter home. Heck, some of these homes even at this price are still bigger than an apartment.

One of the weirdest arguments I heard from a buyer the other day that was looking at these homes to buy vs rent was, “Why would I pay that much for something so small?” Then I pointed out for the past 3years he hasbeen living in an apartment that was 130 sqft less and he was paying more than h ewould beliving here.

I think part of the problem is education. A lot of first time home buyers want what their parents had rather than a starter home and don’t realize that thehome they grew up in wasn’t their parent’s first property and so they get stars in their eyes on their first home.

Take my family for instance. When I was born we lived in a 900 square foot home and we lived there until I was I was 8. Then my parents moved up to a 2700 sqft custom home on a ½ acre. How were they able to do that? Well, first of all thebought that 900 sqft home paid on it and then when it was time to move up, they used the equity to pay a huge down payment on the new property. Their payments only ended up being $200 a month more, but had they waited it would have been $550 more than they had been paying for rent before I was born.

So, you need to sit down look at what you are living in now and see if what you are paying for rent vs buying it. Would you actually be saving money by buying right now or would it still be better to continue to rent? If you would like more information on buying a first home in Beaverton, Oregon, don’t hesitate to call or email me anytime, I would love to help your family home.

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 4 commentsRespect Realty LLC • July 16 2009 02:33AM

Comments

Very good post intuitive and very informative. . thanks for sharing it with us Todd !

 

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) over 10 years ago

Todd given the numbers you mentioned it certainly sounds like buying would make sense for most when compared to renting.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

I had the same last month - the home buyer was actually paying less each month on their new home, then when they were renting. A mortgage payment lower then a rent paymet? Some potential buyers may not know the numbers, and feel silly when they find out such facts!

Posted by Stephen Kappre, Helping You Home (KW Hometown) over 10 years ago

Todd - To me owning a home is the "American Dream". Born and raised in Germany, my parents rented their living quarters all their lives because they could never afford to own their home. When my husband and I finally moved back to Florida, we did not hesitate to buy our first home 16 years ago in which we still live in today. It is our home and will be ours despite the market - we take stock in home-ownership and proud of it. This is my opinion as a homeowner that most of her life lived in a rental.

As a Realtor(r) I cannot help but to preach to my potential 1st time home-buyers to buy within their means given the market and the incentives they are being offered.

Posted by Petra Norris, Realtor, Lakeland FL Homes for Sale (Lakeland Real Estate Group, Inc.) over 10 years ago

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