Realize your home dream. No matter what you choose, you can find a great place to live that fits within your budget—particularly if you make the right decision on how to approach your real estate situation.
Make the Right Decision for Your Financial Future
There’s an answer for you. There’s no one single answer when it comes to renting vs. buying. It depends on individual situations and local prices. But you can make the best decision for your financial future if you take time to plan properly.
Minimize your costs. The beauty of taking time to select your strategy means you can minimize your housing costs, which in turn leaves you more wiggle room in the budget for other plans, as well as retirement savings.
Maximize your quality of living. When you take the measured approach for Renting vs. Buying, you maximize your chances at getting the most possible home for your housing dollar.
Facts about Renting vs. Buying Your Home
There’s no definitive answer for everyone. Watch out for blanket recommendations that say you should always buy a home or always rent. The truth is, it takes time to consider which is best for you—and that should be good news when it comes to what you spend on housing.
Flexibility translates to dollars. Would you like to have taken a variable rate mortgage on an expensive home before the 2008 crash? Most of us wouldn’t. Being flexible about your decisions puts the decision in your hands, which shifts the power in your direction and allows you to take on the best interest rates when you do decide to buy.
You can create a long-term housing plan. The beauty of choosing Renting vs. Buying means you can set long-term goals for your financial future, never having to jump head-first into any loan.
It’s easy to choose the cheaper option when you run the calculations. Want to avoid breaking your budget? Using Rent vs. Buy calculators helps you choose the cheapest option for you, which in turn gives you the most house for your dollar.
Ready to find out whether Renting or Buying is best for you?
2 Ways to Use Your FHA 203(k) Loan
Buy a Fixer-Upper (and Fix It Up)
Or... Renovate Your Current Home!
Allen went above and beyond in serving us. He stayed on late calls explaining the process and even answered on weekends! He also was so understanding of us bringing our toddler to meetings and was so kind and patient re-explaining if we got distracted. We will be going through Allen for any lender needs in our future- Madison − Eatonville, WA
This is my third financing experience with Allen and his team. They do nothing but excellent work and I never hesitate to refer anyone I know to contact them. An absolute pleasure to work with!- Chip − Kenmore, WA
At first I was scared that I might not qualify. Allan and his team took time to educate me how to go about it. I thought it will take long time to get a house believe it or not it took me less time than I thought. The communication language was very polite and to the business. I thank Teresa for her sacrifice on weekend to come meet with me for farther signings and educating on some of the terms of this business though it took time for me to understand she was very patience .
Being an investor himself, he understands the mindset and position of each investor that comes to him and is able to find very inventive ways of making every deal work. He partners with many prominent agents allowing him to leverage his production level and relaying the best rates to his clients.
I am always happy to refer Phil and his team to my peers as well as investors that I meet because I know he can get it done. His win-win attitude allows the transaction to move along smoothly and gets us to the finish line.
It is my great pleasure to recommend Phil at Fairway Mortgages for all my Residential Mortgage needs.- Susan − Lakewood, WA
We love using team Quinney! Allen and his team make buying and refinancing quick and easy. 100% would use again and reccomend him to everyone we know. Thank you Allen!!- Alannah − Puyallup, WA
We love using team Quinney! Allen and his team make buying and refinancing quick and easy. 100% would use again and reccomend him to everyone we know. Thank you Allen!!
Ryan and the team at Fairway did this and so much more over the past few months as we successfully bought our first house. We met with Ryan when we first began our home search and he broke the entire process down for us over the course of our meeting. He explained things clearly, concisely, and took time to answer all of our questions completely. He did not let us leave feeling uncertain about anything, and we left feeling confident about our budget and finances.
Our home buying journey involved putting in a number of offers, and Ryan always helped us at a moment’s notice. Throughout the disappointment we faced with each rejection, he reminded us to trust the process. This advice really stuck with us, and it ultimately led us to the house of our dreams.
We can’t thank Ryan and everyone at Fairway enough for their support throughout these past months, and wouldn’t hesitate to recommend them to other first-time buyers!- William − Spanaway, WA
Your Renovation Wish List Could Include...
Increase window size
Bring in more natural light
Finish a basement or attic
Create a mother-in-law apartment or guest space
Correct foundational issues
Protect your investment for the long-term
Add a detached garage when one does not exist
There’s room for everyone
Knock down walls
Open up the floor plan to create versatile, welcoming spaces
Flood-proof your property
Add a retaining wall to prevent expensive damage
Repair the pool
Tired of leaks and cracks? Fix the pool & start enjoying it
Expand or refresh the kitchen
Cooking is just more fun in an updated kitchen
Add square footage
Growing your family? Grow your home alongside it!
How Does a Renovation Loan Work?
Depending on the types of repairs you plan to do, you have two options when it comes to securing a FHA 203(k) Renovation Loan: Limited and Standard.
The Limited 203(k) loan
The Limited 203(k) loan is for non-structural or “cosmetic” repairs. It covers up to $35,000 in renovation costs. With a Limited loan, you can do nearly anything that doesn’t affect the home’s structure! Think kitchen and bathroom remodels, carpet and flooring replacement, painting, appliance replacement, and much more.
The Standard 203(k) loan
The Standard 203(k) loan is a loan for projects with repair costs over $35,000. It can be used for structural or non-structural repairs. With a Standard Loan, you have even more flexibility. You can expand the home’s footprint, improve accessibility for differently abled people, and even move the home to a different site.
What Do You Need to Know about Renting vs. Buying?
How do I know if I should rent or buy?
The process involves some research. We encourage you to check with a calculator to see which one might be more financially beneficial for you given your current financial status and the property values in your area.
Is it better to rent or to buy?
That depends! In some cases, buying a home can be so inexpensive that it will make sense to buy and build long-term equity in a home. In other cases, renting can be a great, flexible option that maximizes your chances at securing the housing you want.
What are some considerations for Renting vs. Buying?
Here are a few. How much house can you afford? How long do you plan on staying in a home? What are your long-term plans in the area in which you live? What are your career and family goals, and how would buying or renting help you achieve those?
What should I know about home mortgages before I buy?
Both closing costs and down payment requirements tend to be some of the most important things for people to learn. For example, providing a down payment of 20% or more is often required to reduce the monthly payment of a home so as to avoid paying mortgage insurance.
How do I make a final decision?
Once you start doing your research and considering your personal goals, the answer should be obvious to you as you look into it. But remain flexible and feel free to sleep on it, even after consulting online rent vs. buy calculators.
Making the Decision to Rent vs. Buy
What’s the best way to move forward in your housing goals?
Anyone who tells you they have a one-size-fits-all solution is lying.
Making the decision in renting vs. buying should be something you consider with multiple variables. But the process can be much easier than you might even imagine…