Price is one of the most important considerations when buying a house.. Some people back away from buying a house because they believe the upkeep cost will be too high. However, proper planning and budgeting can make the cost of maintaining a house manageable. But is it worth it to rent or buy a house.
If you’re asking yourself whether you should buy or rent a house, one of the key considerations is the cost of maintaining a house. In this article, we’ll discuss renting vs. buying, the average costs, and the costs of updating so that you can make an informed decision. Keep reading!
Renting Vs. Buying A House
Renting can be a great option if you want to save money on your monthly housing costs. Landlords are usually responsible for maintaining the property, which means they are incentivized to ensure it’s rentable and at the maximum price.
On the other hand, buying a house means you’re responsible for maintaining the property. This can be a good thing because you have more control over the property and can make improvements that will add value to the house. However, this also means you must be prepared to budget for painting, repairs, and landscaping.
The Cost Of Maintaining A House
Depending on several factors, such as the date of construction and size of your house, maintaining it can be costly. However, when inspecting the property you plan to purchase, prioritize fixing issues before they become larger problems.
Before you agree to anything, have experts examine it. A good inspector will be able to tell buyers about future issues that could arise, like bad drainage or sewer lines that might need fixing soon, so they can save themselves from expensive repairs in the future.
Houses come in all shapes and sizes, but when looking for the average house (2k sq ft), some must-haves will keep your property well-maintained.
Here is what will most likely cost you some money:
- Painting: Most people will need to do this at some point in their life, and this project could range anywhere from $5K-$15k, depending upon who does it.
- Appliances: Appliances are not as durable and complicated to fix nowadays. They tend to break every 3-10 years, costing you up $2k or more if your appliance has fancy repairs.
- Roof: Replacing or repairing your roof because of damages, leaks or wear,could cost from $7000 to $ 15K.
Karen Spencer Real Estate Is Here To Help You!
If you want to rent or buy a house, it’s important to have the proper assistance from a reliable real estate agent. Thankfully, Karen Spencer Real Estate is here for you. I’ve had extensive experience in the real estate industry for over 40 years now. I have aided innumerable homeowners by finding their perfect home or quickly selling their current property, all while working within their budget. So you can trust me!