Renting Vs Buying A Home

Buying a home can be a wonderful experience! Whether you are thinking about purchasing your first home or you’re wondering what the right step is for you, you should be aware of all the pros and cons before making your final decision.

Things to Consider When Buying A Home

When you go to purchase a home with help from The Reed Team – or any other agent, you are going to need a number of upfront costs. While some of these are paid out of pocket, others are paid when the deal on the house closes.

Costs to think about when buying a home:

  • Down Payment
  • A Home Appraisal
  • Home Inspections
  • Property Taxes
  • The First Year Of Homeowners Insurance
  • Other Fees:
    • Lender and owner title insurance
    • Transfer taxes
    • Closing fees
    • Credit report fee
  • Recurring Payments:
    • Mortgage
    • Utilities
    • Maintenance
    • Upgrades
    • Repairs
  • Moving Fees
    • Furniture a home
    • Cost to move/ cost of moving truck company
    • Renovations

This is a dizzying list of costs, but you also have to think about ALL the benefits.

The Benefits of Buying A Home

Purchasing a home is all about having the freedom to change the aesthetics, functions, and features of the home. Of course, you’ll need to brush up on zoning laws and get permits, but you can do anything to the home if you go through the proper channels. Here are just a few of the top benefits of owning a home.

  • Unlike a rental, you can paint or customize a home when you own it at your own discretion rather than being confined by the terms of your lease
  • Expand the home with additional rooms or outside spaces.
  • Change how the outside of the house looks.
  • Remodel your home.
  • Privacy
  • Build and increase your credit.

Things to Consider When Renting A Home

I know that the upfront costs of buying a home seem like a lot. But, one of the reasons so many people think about renting a home is that they think it will be less expensive. While it’s not as expensive as purchasing a home, there are still quite a few costs of renting a home. Not to mention the fact that you rent it so you aren’t able to do the same things that a buyer is allowed to do.

Costs for renting a home:

  • A Security Deposit
  • First Months Rent Paid Upfront
  • Pet Fees
  • Moving Costs
  • Monthly Costs:
    • Pet fees
    • Rent
    • Renters insurance
    • Utilities and more

The Benefits Of Renting A Home

While this does seem like a large amount of money to simply rent a home, renters also have their own list of pros to renting a home rather than buying a home.

  • Zero responsibility for repairs and maintenance
  • No need to worry about the real estate market
  • Utilities might be included depending on your landlord.

You might feel even more confused than when you started to read this. Really, it all comes down to what you find to be the most important thing. If you don’t want any responsibility but you also want less freedom, renting is going to be a good option for you.

On the other hand, if you want freedom and don’t mind being responsible for a home and all its needs buying a home might be the better option for you.

Client Reviews

Find out why The Reed Team is the #1 rated team on Zillow in all of Orange County!

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  • John Mikich

    Jimmy and his team did a great job in marketing and selling the house. Made the process very easy in ensuring all aspects of the sale went as smoothly as possible. I would highly recommend him to anyone interested in either selling or buying a home.

  • Dave Mark

    Jimmy and his wife Lisa are a great team. Their knowledge and commitment to excellence has made the buying and selling experience much less stressful and more efficient for me and my wife. We’ve used them on several buying and selling transactions: their personal integrity makes all the difference.

    Starting with their assessment of our needs, thorough market research, communication and negotiation skills, deep legal understanding and extensive connections with trustworthy folks in related skills/service areas – I just won’t use anyone else. Highly recommended.

  • Larry Smith

    Jimmy and his team are number ONE in my book. He has helped my spouse and I with 4 Transactions and every single one was done professionally and ethically. If you need a Realtor, Jimmy Reed is the BEST bar none.

  • Rafi Ghazarian

    Throughout our 8 real estate transactions in the last couple of decades, never have we met a friendlier and more professional team than the Jimmy Reed team. They happen to be the masters of their trade and go above and beyond the usual measures to serve their clients ensuring that maximum value is delivered in every step of the transaction.

    Jimmy understands the psychology and emotions involved in a real estate transaction and is able to perfectly balance that with the facts and forces that drive the market. Using his gifts and deep experience he leads his clients through the transaction in a gentle but informed fashion delivering maximum value for his clients. Jimmy and Katie, were always a text or a phone call away, shepherding us through the numerous complications in a house sale and purchase transaction always anticipating and clearing road-blocks before they even happened.

    We are fans and champions of the Jimmy Reed Methods and are blessed to know that his team is a phone call away when needed!!!!

  • Jan Welbourne

    You absolutely cannot go wrong hiring the Jimmy Reed Team. We needed to sell my Uncle’s house in a hurry and Jimmy was recommended to us. That was a lucky day. From start to finish the Reed Team worked to generate so much interest in his property that they held one open house and at the end of the day had 8 very legitimate offers. Jimmy knows just how to market your property using every tool in his arsenal. He is an expert at driving all interested buyers to your property and his formula works. Everything that he told us at our first meeting happened just as he said. You will be working with a person and a team that you can trust. I never once worried that he was not doing his best for us. Hire him and use his knowledge and experience to have the easiest, most profitable Real Estate transaction knowing that all is being taking care of by the Jimmy Reed Team.

  • Trish Kelly

    Jimmy had told us that he had a strategy that would ensure a quick sale of the house at a good price. We followed his suggestions, and frankly I was surprised at the success of the process! We had multiple offers after only one Open House! Jimmy was able to help us to select the most qualified buyer and negotiate a very good price for us. He and his team were very responsive to every question and/or problem that came up. We trusted their judgement and followed their suggestions. Jimmy used his past experience, which was significant. He used technology, for example, drone video, which was impressive! The process was very successful and we were very pleased with the outcome!

  • Steve Weaver

    Jimmy and his team listed our house quickly and the way they market resulted in a huge turnout at our open house. As a result we didn’t have to bother with multiple showings, as we had multiple offers! We received a great offer and closed pretty seamlessly!

  • Barker Tamara

    The Reed team knows their business. If you are looking for an agent that is aggressive and demanding in getting your home sold quickly this is the team for you. The Reed team does an up front cursory inspection of the property. They make recommendations based on the inspection results so their are no questions or concerns from a potential buyer when the home hits the market. After 8 relocations this team is by far the most efficient and effective. You will NOT be disappointed.

  • Clayton Spires

    Finding a knowledgeable Realtor is hard enough. Finding one that has integrity… that’s even harder. Jimmy is both. Moreover, Jimmy’s team is modeled in the same way. Jimmy and his team answered all of our questions in a timely manner and showed us a genuine care for our family. We were not just another sale to make their commission. Selling your home is stressful and difficult. Having Jimmy and his team, make it so much easier.

  • Stephan Jennings

    Jimmy & his team were excellent!! I couldn’t have asked for a better agent. He is very punctual, intelligent, proactive and always has your best interest in mind. We used the Zillow recommendations for the reason on why we went with him and it exceeded our expectations.

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