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One of the most common questions I get is "Should I Rent or Buy in Eau Claire Wisconsin?"
Whether you should buy or rent isn’t necessarily a super straightforward question. I must first get to know your wants and needs before easily answering that. Also, I hope you enjoy my tips of living in Eau Claire

A few questions I’d ask you when helping you decide whether to buy or rent in Eau Claire...

What is Your Lifestyle Like?
Do you have a family with pets & Children? Or are you a single dude just looking for a place to crash?

Your lifestyle should be heavily considered. A lot of people want to automatically buy a home, but do you really need to? It's not that bad to rent. Now, if you do have 3 dogs and a cat its going to very hard to find a place to rent. Typically it costs $50 - $75 per month per pet for a rental VS there is no cost if you own the home. Also, if you’re someone who has a lot to store (Kayak, motorcycle, etc etc) if you’re renting there probably isn’t a huge amount of garage or storage space on premise so you might need to rent
a storage unit down the road. So if you have a lot of stuff, you might
be better off buying.

Cons of Renting:
 Prices are not usually negotiable for rental properties. There is such a short supply of rental properties, landlords are rarely going to make exceptions or lower their rental rates just because you think it's high
.
 A lot more costly (Usually). Let's think about this, if you’re renting a property, it's almost always going to include a “Markup” so that the landlord can make a profit. I know this because I am myself a landlord. As a landlord providing housing for others, I need to make money to run the business, there’s always maintenance needing to be done and it all takes time and money. Owning your own home, you don’t have to pay a markup.
 It's very hard to find rental property. In Eau Claire, Realtors are unable to represent you as a rental agent, so you’re on your own looking on various websites and having to call the rental management companies directly. This is a major headache.

Pros of Renting:
 No maintenance (This can be costly as a homeowner)
 Oftentimes your landlord will take care of lawn care and snow removal.
 You can move a lot easier (No need to sell your home)

How to find a rental property: This can be very tricky - we have people reach out to us every day looking for a rental property
(Mostly people who are moving from out of state to our area). Unfortunately we cannot represent a buyer who is searching for a rental property. If you do call we can certainly point you in the right direction.
 Craigstlist
 Rent.com
 Apartments.com
 Facebook marketplace
 Simple Google Search: Property Management Companies Eau Claire

Pros of buying a home:
 Wealth building. This is easily the number one reason why someone would opt to buy vs rent. The wealth building when owning a home can be massive! Trust me, I own several properties, and I love it.
o Appreciation. Homes usually increase in value by 4 - 6% per year (on average). This means that your $200,000 home by the same time next years is worth
around $210,000. This is due to inflation of money and also the increased
demand for housing over time.
o Debt paydown. The greatest thing about making your monthly payment is that you’re paying yourself. Each month it knocks a little more of your total mortgage down.
o Renting. If you didn’t want to sell your house when you move out, you
can always rent. More rentals are certainly needed. You’ll quickly know this if you’re ever searching for a rental. This is a great additional income stream, but beware being a landlord isn’t always fun.

How long do you plan on staying?
My general rule of thumb: If you plan on living in a property 3 - 5 + years then you’d be fine buying a home. This isn’t a 100% foolproof rule of thumb. The reason it's not foolproof is because market downturns do happen. You can never be 100% sure if you go to sell in a few
years you’re not going to be upside down on your home value.
However over the course of time there has never been a time in history where if you own a home for 10+ years the house has been worth less than when you bought it. Think of renting as a short term living situation vs buying a long term (But also more concrete) living situation.
My direct cell number is 715-577-8435

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