That “things break down” is a truism as old as mankind—possibly preceding the invention of language itself. You can picture a furious caveman staring at the shattered remains of the wheel he’d just invented—after the first time it broke. Sooner or later, “things fall apart.”
When area residents mull over their personal living arrangement decisions, one of the logical financial arguments for renting Twin Cities homes rather than buying is the added cost of maintenance. Twin Cities’ renters reason that they don’t have to worry about saving up for a rainy day (as when the garbage disposal clunks out). For renters, it’s someone else’s problem (that is, the landlord’s)—as well as his or her expense. True enough.
But looking at the wider picture, you see that the universal ‘no free lunch’ rule applies. The landlord doesn’t really pay for the new garbage disposal except in the short run. Built into every rental agreement is a monthly charge into which the maintenance expense for the home or apartment unit has already been included. The average rates that residences experience breakdowns or require normal maintenance are well known—and the monthly pro-rated amounts have been reckoned and included.
It’s true that the inconvenience (and sometimes, shock!) of having to pay for sudden appliance breakdowns is largely avoided by Twin Cities renters, who may put a great deal of value on that advantage. But Twin Cities homeowners have more than one way to minimize the financial distress of inevitable breakdowns. They can either put something away in a rainy day account for that purpose only, or they can sign up for any of a number of home service plans.The decision of whether to rent or buy your Twin Cities residence is one of the most highly personal choices there is—and one that can change from year to year. The best real estate decisions are made after taking all the trade-offs into account—which is one way RE/MAX Preferred can help clients. Call us for a no-obligation conversation about your current situation—and Twin Cities’ many current alternatives!