Is It Cheaper to Buy or Rent a House in Lawrence KS?

/ Jackie Giroux/

Buy or Rent your home with Realtor Jackie Giroux

Hold onto your hats, folks! We're about to dive headfirst into the wild rollercoaster ride that is the world of real estate. Now, you might be asking yourself - is it cheaper to buy or rent a house? Well, we have got you covered. Realtor Jackie Giroux is here to guide you through the maze and help you find your dream home at the end. We know it's a big decision - like choosing between chocolate and vanilla, or deciding if you're a dog person or a cat person and it's not just about the dollars and cents, but also how it fits into your life and your dreams for the future. Buckle up and get ready as we embark on this journey to find out whether it's cheaper to buy or rent a house. Let's get this party started!

Should I Buy or Rent a House?

Alright, folks! It's time to tackle the age-old question that can be a financial stressor for many and may keep you up all night stress-eating a whole gallon of chocolate chip cookie dough ice cream - should I buy or rent a house?

Jackie Giroux is here to help you breakdown your options - and no matter what you decide to do - we are here to help. If you're the type who loves to paint the walls neon green, install a slide instead of stairs, or add a putting green to your backyard, buying might be the right choice. When you own your own home, it gives you the freedom to do whatever you want (within the limits of the law, of course). Plus, you'll be building equity with every mortgage payment.

On the flip side, if you're a free spirit who gets itchy feet every few months, or if the mere thought of fixing a leaky faucet makes you break out in a cold sweat, renting may be the right choice. No long-term commitments, no maintenance headaches, and you can pack up and move whenever the wind changes direction.

So, whether you're a homebody or a wanderer, remember this - the best choice is the one that makes you happy in the end! Here is a better look at the costs of buying or renting a home in the Lawrence and Topeka area.

Factors to Consider When You Buy or Rent a House

The first factor you want to consider in your house hunt is - location, location, location. Whether you're buying or renting, the neighborhood can make or break your living experience. Are you a city slicker who loves the hustle and bustle, or a country lover who prefers wide open spaces and nature to car horns and crowds? Do you need to be close to schools, work, or your favorite coffee shop that makes the perfect latte? Remember, you're not just buying or renting a house, as much as you are choosing the community where you want to live.

The next factor you want to consider is - intangibles. When you purchase a home, you do not have to answer to a landlord, mortgage payments can be more consistent than rent, you have the freedom to renovate, you build equity, and you get the pride of owning your own home. When you rent a home or apartment, you have the freedom to pick up and move as needed. These are the things that you can't really put a price tag on. The feeling you get when you walk into a place and it just feels like home. The peace of mind knowing you have a stable place to live when you buy, or the freedom to pack up and move whenever you want when you rent.

The last two factors to consider when you buy or rent are: the cost of purchase and the cost of ownership. When you buy a home, it isn't just about the sticker price. There's also the down payment, closing costs, and those potentially unexpected expenses that pop up during the process like property taxes, insurance and upkeep costs. Make sure you've got a good handle on all the costs before you dive in and make a decision. Of course, I’m happy to help walk you through all of that before you ever make a big decisions. And remember, when you own a home, there's no landlord to call when the toilet overflows in the middle of the night.

So, whether you're buying or renting, make sure you consider all these factors. After all, choosing a new home isn't just a financial decision, it's a lifestyle choice. Happy house hunting!

What Is the Cost of Buying a Home?

When buying a house, the initial costs include the down payment, closing costs, and moving expenses - but they are not the only costs you need to consider. Homeowners are responsible for monthly mortgage payments, property taxes, home insurance, and maintenance costs. The price for your home will vary based on where you live. The median price of a home in Topeka, KS is $187,100 according to Realtor.com. Potential home buyers in Lawrence, KS will find a median price of $310,300. Both price points are lower than the national average. 

The down payment for a home plays an important role in your financial future. A minimum 5% down payment is the standard - but while a 20% down payment may feel out of reach, it will put you in a better financial spot. Do not forget that the purchase of a home is an investment and there's the potential for home value appreciation, which could be a significant financial benefit in the long run.

What Is the Cost of Renting a Home?

The key benefit of renting a house is that it involves fewer upfront costs, usually limited to a security deposit and the first and last month's rent. Monthly costs include rent - and renter’s insurance (highly recommended). The median monthly rental payment in Topeka, KS is $825 for all bedrooms and property types on Zillow.com. The median monthly payment for a rental property in Lawrence, KS is $1,458 according to Zillow.com. The downside to renting a home, unlike owning, is that renters do not build equity in their living space. Rent can also increase over time, subject to the terms of your lease and local rental market conditions.

You asked - is it cheaper to bury or rent a house? We know the answer isn't as clear-cut as you might think and we have a golf analogy that might help. 

You want to swing into the housing market like you're stepping onto the golf course. In some areas, the housing market is like a par-3 hole, straightforward and relatively easy to navigate. Buying a home could be a hole-in-one, a clear winner.

But - the housing market can be like a dogleg par-5 hole, full of sand traps and water hazards - and renting might just be the layup you need and save you from landing in the rough, giving you a chance to stay on the fairway and keep your score low. Jackie Giroux Real Estate is a caddy here to help you navigate the course.

Deciding whether to buy or rent a house is a personal decision that depends on your financial situation, lifestyle preferences, and future plans. It's important to consider all the costs and factors involved and consult with a financial advisor or real estate professional to make the best decision for your future.

Contact Jackie Giroux for more information on buying a home, selling a home, real estate investment opportunities and more in Kansas!