We have received lots of calls from people wanting to know if they should rent or buy. Both owning and renting can have their advantages. The right answer depends on your readiness to commit to taking care of a home and a mortgage as well as the availability of the right home. Some of the reasons for people wanting to rent stem from not wanting to make a long-term commitment, lack of money, and wanting to search areas before making an offer on a home. A good real estate agent can educate you on the areas and eliminate questions about schools, areas that are growing, and commute times. Owning a home offers you income tax benefits and the chance to increase your personal wealth as you pay off the principal over time and build equity. While renting is less expensive for the short term – Buying becomes cheaper than renting after 5 years.
To help answer the question, some of the factors to consider include: Home Price, How Long do you plan to stay? Taxes, Closing Costs, Maintenance and Fees, and Interest Rates. We will be happy to sit down with you to discuss your upcoming plans and help you to determine your future home.