5 Reasons to Rent a Home In Seattle Instead Of Buying

To buy or rent? It’s never an easy question. Even with my long stint in the real estate business, I have never quite given a direct answer to any of my clients.

Seattle has one of the highest property rates in the US, almost similar to San Francisco’s. Indicators show the rates will continue to rise even with the recession that is expected to hit the US in 2023.

While the decision to buy or rent is personal, it should be guided by hard facts. Well, here are five reasons to rent a home in Seattle instead of buying.

Potential Cost Savings

The upfront costs of renting are significantly lower than that of buying a house. When buying a home, you have to factor in the cost of a down payment, which is very high at the moment. The median cost of a house in Seattle stands at $870,000 in 2022, compared to $655,000 in 2020.

On the other hand, rent prices largely depend on demand. For instance, the average rent for a 1 bedroom house in 2016 is higher than in 2022. Besides, there are areas with significantly lower rent prices for those on a tight budget.

Besides the high upfront costs, buying a house also attracts other costs such as maintenance, repair, and property taxes. When renting all these costs rest on your landlord’s shoulders.

In addition, renters insurance tends to be significantly lower than homeowner’s insurance.

Not only is renting an affordable option in the short term, but it is also convenient when you are low on cash.

Convenient Lifestyle

Depending on where you chose to live, renting can allow you to live a luxurious, more convenient life affordably. For example, many monthly apartments in Seattle, that are furnished and equipped with machines and appliances, provide luxuries that homeowners would either need to spend more or leave home to enjoy.

Little luxuries such as stunning views of the city, or a rooftop terrace are easily available to renters. On the other hand, these would cost an arm and a leg if they were on a buy term.

Access to amenities such as fitness centers and smart home technologies are relatively affordable when you rent.

More Flexibility

Renting allows you to lead a more flexible life. There are places in Seattle with higher property rates than others. For instance, houses are more expensive in King County than in any other place in Seattle. Renting in such instances is more viable than buying.

In addition, renting allows you to move more easily. All you have to do is terminate your lease and move. This cannot be said of owning a home as it may take longer to sell your house if you intend to move.

Additionally, renting allows you to adjust your life according to your existing financial status. If you lose your job or retire, you can move to a more affordable rental space. On the flip side, you may find it difficult to sell your house or even buy a cheaper house.

Stress-Free Life

Renting in Seattle frees you from a ton of responsibilities that homeowners have to deal with. You won’t need to worry about maintenance and repair of your apartment when you are a tenant. All these are handled by your landlord or apartment manager.

Calculating your taxes can be a headache. Imagine handling your income tax as well as worrying about your property tax. It is stressful, right? As a tenant, you won’t need to worry about this inconvenience as it’s up to the landlord to do it.

No Losses Due to Property Depreciation

Homes gain and lose value. Sometimes the cause of this may not be tied to the home. It could be a recession or just the neighborhood.

As a tenant, you won’t have to worry about these fluctuations. Any effect on your rent from fluctuating home prices will have little effect on your rent price.

On the other hand, changes in property value can affect property taxes and mortgage payments.

So, Are You For Renting or Buying?

Many of us desire to own a home at a certain point in life. The benefits that come with it are huge in the long run. Your own will earn you equity over time, something you won’t get with a tenancy.

But if you want a hassle-free life, devoid of property taxes, repairs, and maintenance, then tenancy provides an escape. Tenancy is a path to owning a home, or it could be an end to itself.

In the end, this will depend on your personal preference and financial situation.