Renting vs Buying in Weirton
If you are looking for a new place to live in Weirton, Steubenville, or any other town, there are some basic things to consider before deciding to rent or buy. There are also some things specific to the Ohio Valley than can be important in your decision. Thinking more about the following factors may help you in your housing search.
Up front costs. The initial costs of buying a home normally far exceed the costs of renting. Most landlords will require a security deposit (usually equal to one month’s rent). The downpayment on a home is almost always greater than the cost of rent for a month (the only exception being for loans that require no down payment). In addition to the cost of a down payment, home buyers typically hire a home inspector and may chose to have radon testing done. When it comes to up front costs, it is cheaper to rent.
Maintenance costs. When you rent, the landlord will most likely be responsible for routine repairs. Homeowners, however, are responsible for repairs. If you are handy, you may be able to save some money by doing the repairs yourself, but you will still have to purchase tools and materials. In terms of repairs, apartment dwellers get the better deal.
Prices. Depending on the area and the economic situation, it may be more affordable to rent or buy. An easy tool to compare the cost of buying to renting is the P/R ratio. Find two comparable homes in similar neighborhoods, one for rent and the other for sale. Divide the cost of buying one home by the cost (per year) to rent the other. If the ratio is near or over 20 then renting is a very good deal. This will give you a rough idea of the benefits of renting or buying, but it is always good to take into account other factors as well.
Convenience. Renting means that you will never have to worry about doing or paying for repairs. Depending on the rental property and the lease terms, you may not have to handle any yard work either. Owning a home does give you a bit more freedom to do what you want with it, but it comes with added responsibility.
If you are thinking of renting in the Weirton area, visit Orecchio Properties to view all of our rental property listings.