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Rent vs Buy in Washington : Real Estate Advice

  • All278
  • Local Info25
  • Home Buying144
  • Home Selling28
  • Market Conditions11

Activity 14
Sun Feb 21, 2016
Ida Bear answered:
In this hot market, I am sorry to report, rent to own doesn't exist. If you found a home that was a rent to own I would really question why, because of this hot market everything is selling. I am happy to help you with a rental search if you need it - also, never a bad idea to have a conversation with a good local lender to find out what it takes to buy. There are some great '0' down programs available and sometimes this makes buying smarter than renting. Also, many lenders can give you a road map to getting prepared to buy , many offer some great classes. Please feel free to reach out if you'd like assistance finding a rental or a referral to a trusted local lender - Ida Bear, Windermere - 206-992-2327 ... more
0 votes 2 answers Share Flag
Fri Jan 22, 2016
Dan Tabit answered:
Sorry your question went unanswered for so long. Rents in the area are going up faster than home prices, and they are going up too. My recommendation would depend on your future plans. The longer you expect to stay in this area, the better case can be made for buying. Owning a home is both a place to live and an investment. You get tax deductions (for your mortgage interest), appreciation over time and a place to call your own.
If you think in the next year or two you may relocate to another state or a distant part of this state, rent is safer.
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0 votes 1 answer Share Flag
Thu Feb 26, 2015
Andy McPherson answered:
You might be able to glean some information from the following websites:

I hope this helps!
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0 votes 1 answer Share Flag
Fri Oct 17, 2014
Lori Thomas answered:
I have a 4br 3ba home for sell on the south hill which I also would consider leasing. I also have a 3br 1 ba home on the south hill that I'm in the process of remodeling and could also be an aption. Let me know if you have any questions. Lori (509)599-5813. MLS #201223664 ... more
0 votes 6 answers Share Flag
Wed Jul 9, 2014
Simon Campbell answered:
I find that quite a few buyers no longer want to "throw their money away" on rent. Often, the mortgage payments are cheaper than the rent. But, I always take the time to help them to see the bigger picture. The reality of the matter is that in the end, owning real estate does cost more than renting when you take into consideration taxes, insurance, repairs, maintenance, lawn care, upgrades etc. ... more
2 votes 1 answer Share Flag
Mon Jan 6, 2014
Dave Skow answered:
Janelle – checking in ….do yo any additional answers or feedback at this point ?
Dave Skow - WA MLO #278613
Eagle Home Mortgage
w 206 714 9745 ... more
1 vote 15 answers Share Flag
Tue Jul 16, 2013
Bob Morris answered:
Light rail, light rail, light rail. Makes airport super easy. You do not want to live near airport.
0 votes 11 answers Share Flag
Thu Nov 8, 2012
Stephanie Clancy answered:
The answer is Yes! More and more, because we're in a buyers' market, we're seeing owner financing with all sorts of different terms. You will probably need some downpayment money but each seller has different requirements. And usally the terms can be negotiated. The agent you're working with in Spokane I'm sure can find a variety of properties for you to consider. ... more
0 votes 6 answers Share Flag
Mon Mar 19, 2012
Mary Sunde answered:
Here is the report:

Rent vs. Buy Estimate
From: msunde@windermere.comAdd to Contacts
Sent: Mon, Mar 19, 2012 at 8:11 am

– Download all
Windermere Real Estate/East
11100 Main Street #200, Bellevue , WA, 98004 - 425-455-9800

Rent vs. Buy Estimate
Prepared: March 19, 2012

Prepared for: Trulia

This tool is brought to you by NWMLS. The Information on this Rent V Buy analysis tool is deemed reliable, but is not guaranteed as is for estimation purposes only. This tool estimates future interest rates, appreciation rates and costs which are not actually know at the time this tool was run. Any change to these figures in the future would and will cause this tool to be in accurate.

Cost of Renting (for 3 Years)
Total Rent Cost $59,223.26

Less: Savings Interest on Down Payment $649.00

NET COST of Renting $58,574.26

Cost of OwnerShip (for 3 Years)
Down Payment $7,000.00
Closing Costs $0.00
Total Mortgage Payments (PMI* included) $44,667.57
Loan Pay-off Amount at Sale $185,442.26
Fixed Property Expenses
(Property Taxes, Homeowner Insurance, Maintenance) $6,900.00
Cost of Selling $17,119.54

Less: Total Tax Savings $649.00
Less: Home Value after 3 Years $213,994.27

NET COST of Buying $41,120.24

Buying will cost you approximately $17,454.2 less than renting over 3 years, in today's dollars.

Prepared by: Mary Sunde
Contact at: 206-227-1915
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0 votes 5 answers Share Flag
Fri Jul 15, 2011
Mack McCoy answered:
When I was 50, we sold our garden and house and bought a condo, and have not regretted it. The value of the condo has gone down, with the economy, but ownership has its privileges, and we're glad to have them.

On the other hand, I know of people in my age bracket who have moved to renting, and are enjoying that difference, too - they're not fully moved-in, because they're not committed, but they enjoy the lack of commitment to place!

The answer is that you should do what you want, and none of us can assess your goals and objectives for you.

All the best,
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0 votes 2 answers Share Flag
Mon Aug 24, 2009
Damian Pro answered:
If I understand your question correctly, you are asking if you can pay cash toward the purchase of real estate. The answer is yes. I don't think there is a Seller in this market who wouldn't accept a cash offer. In many cases a cash offer gives you a lot more leverage on negotiating the seller's asking price. There is less risk to the seller when the buyer is paying cash verses buying property through a bank lending money to the buyer. In short, there is no buyer finance contingency for the seller (and buyer) worry about. If you have a property you are interested in feel free to call or email me.

Thanks for the question.

Damian Pro
Windermere Real Estate / Fairhaven Branch
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1 vote 1 answer Share Flag
Tue May 19, 2009
Arnold D. Camps answered:
Hi Avs, is a great site to find rentals. Craigslist is also a good site but beware of the "to good to be true" rental rates. I would contact the city's accredited property management to find you a rental. Some times property management companies offer their clients better terms when using them.

Good luck and save travels
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