As challenges continue in Yakima real estate one local realtor says renting may be a better option then buying a home in the current market. Cory Bemis, owner of Yakima’s John L. Scott Reality says an average 3-bedroom home in Yakima is currently renting for an average of $1500-$2500 per month. Purchasing the same home would cost $300,000-$400,000.
FIRST IT DEPENDS ON HOW MUCH MONEY YOU PUT DOWN BEFORE YOU TAKE ON A PAYMENT
If you are inclined to purchase a home it depends upon how much money you have to spend before taking on a payment. Bemis says having a small down payment would “would be a break even at best once you apply the principal reduction and tax deductions. Having a larger down payment (20%) certainly has far more benefit from a monthly cost perspective when being compared to current monthly rental rates.”
MAINTENANCE AND REPAIR COSTS SHOULD BE PART OF YOUR RESEARCH
Bemis says in the current market renting may be safer and easier because of the lack of any unexpected maintenance and repair costs. In the long term he says purchasing a home would be a better investment as long as you could afford the monthly costs.
SO RENTING MAY BE A VIABLE OPTION FOR MANY TODAY
Bemis says if you plan on living in your home for 3 to 5 years you may find better value in renting in the current market. The reason why is that you won’t live in your home long enough for it to appreciate to a point allowing you to pay for the “costs that will be incurred with selling your home.”
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