Should You Rent or Buy?

For 15 years, In&Out Magazine has been the definitive source of “Everything that’s going on” in and out of the community. We thank you, our readers, as well as the businesses that support the magazine through advertising, for that opportunity. But with little going on, and many businesses suspending or canceling their ads during the Covid-19 crisis, we are suspending publication of the magazine and web sites for the month of May. 


prickett fence

The age-old debate rages on: Should I buy, or should I rent? The answer is not so simple. As a matter of fact, the correct answer has more layers than deep-dish lasagna.

  • How’s your credit?
  • How much do you have saved?
  • Do you plan to put down roots?
  • Do the tax breaks of owning trump the relative freedom of renting?
  • What are the costs vs. saving differences in your given market?  
  • What’s available in each market?

Taking all emotion out of the equation, I turned to the Realtor.com rent or buy calculator and found that someone in a fairly typical situation would need four years to break even if they choose to buy over rent. This is based on purchasing a $300,000 home (with $72,000 downpayment and other initial costs) versus a $1,750 a month rental.

The calculator takes “lost opportunity costs” into account, assuming you were to rent and put the down payment money into a half-decent investment (like you’ll actually do that). Everyone’s situation is different, but this gives us a jumping off point.

If you choose to rent, you’ll be (within the rules law) at the whim of a landlord regarding expedience of repairs and maintenance, as well as paint colors, flooring and improvements. There are two types of landlords—good ones and bad ones. You usually don’t find out until after the disposal clogs. There is no return on investment with a rental, duh.

Buying means every repair is on you. So are property taxes and insurance, as well as HOA fees, if applicable. If your neighbors brew cabbage kombucha in their hot tub, you may just have to live with it for the duration. The same goes if Pig Snout Amalgamated builds a processing plant upwind. An unexpected relocation could mean a hefty hit to your wallet.

No one answer or situation fits any one person or family. But who doesn’t love deep-dish?


Help Save Our Community
Small businesses are the lifeblood of our country and even more so this community. Supporting local businesses during this crisis can help keep our community economically viable. Please strongly consider supporting the businesses below, In&Out Magazine's display advertisers, as well as those in the Classifieds section of the magazine (see the full April 9 issue in PDF form). Many of these businesses have been part of the fabric of this community for two decades, not just serving our professional, service and retail needs but stepping up to support local charities, sports teams and so much more. Tip: If you know you’ll need to schedule a service, consider contacting a local business you trust and paying the standard fee for the deferred service. The links below go to their web sites.

Adult & Pediatric Allergy Associates • 602-242-4592
Anthem Senior Living • 602-909-9550
Appliance Pros • 502-501-5501
Business Network of Anthem • 623-455-9630
Carroll Law Firm • 623-551-9366
Century 21 Real Estate - Jeff Huff • 623-223-1221
Creative Home Enhancements • 623-551-5409
Daisy Dream Homes Real Estate • 623-879-3277
Daisy Mountain Dentistry • 623-551-5250
Desert Foothills Air Conditioning • 480-595-0938
Edward Jones • 623-551-0523
Element Dental Centers • 623-551-5555
Hand & Stone Massage • 623-551-6602
Kendallwood Design • 602-252-3844
Kodiak Roofing • 602-501-7717
Luv My PC • 480-703-6609
Merrill Gardens • 623-201-4881
North Valley Water Solutions • 623-551-0515
Preferred Business of Anthem • 623-551-0523 
Prickett Realty • 623-551-8111
ProSkill Services • 623-551-7473
RE/MAX Professionals - Mike Higgins • 623-640-7502
Rise Above Remodeling • 623-551-2013
Soft Water Plus • 623-551-7383
SonoranScapes Landscaping • 602-842-9948
State Farm Insurance - Justin Simons • 623-551-3700
Storage at Anthem • 623-226-8634
Sunset Cabinets • 623-687-6579
Thompson & McGinnis Attorneys at Law • 602-952-2666
Titan Tree Care • 623-444-8448
Titan Pest Control • 623-879-8700
Wyman Plumbing & Mechanical • 623-551-6688

For more local businesses, see In&Out Magazine Classifed Ads >>>  
 
Chris Prickett
Former contractor, former home inspector and funny guy, Chris Prickett is owner and designated broker of Prickett Realty. A New Jersey native, Prickett has been a top-producing REALTOR® in North Phoenix over the past decade. He has been a columnist since 2005. Over the Prickett Fence is published weekly by In&Out Publications.
Chris Prickett on Email

Chris Prickett

Former contractor, former home inspector and funny guy, Chris Prickett is owner and designated broker of Prickett Realty. A New Jersey native, Prickett has been a top-producing REALTOR® in North Phoenix over the past decade. He has been a columnist since 2005. Over the Prickett Fence is published weekly by In&Out Publications.

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