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Rent Vs Buy Which Is Best In An Affordable City
If homes are more affordable than you expected you may decide buying is the better way to go. Before you jump in with both feet, let's consider some factors first. Is there new restaurants and retail shopping outlets opening up? Is the High School graduation rate rising or falling? Are the existing businesses staying or leaving? These are a few of the questions that you may want to investigate prior to making a decision as any one or all of the factors can affect your decision to first move into an area and then decide if renting or purchasing is a best fit.
Comparison Shopping: Rent vs. Buy
If you visit www.Realtor.com you can check out their Rent vs. Buy Calculator and see if you buy a house on a fixed rate mortgage how long it would take to compare if renting versus buying would be the best fit for your situation. If you are thinking of buying in a coastal area, please be sure to find out if the home will be in a flood zone as you "may" need to purchase flood insurance to satisfy the mortgage lender prior to a mortgage approval.
Take the time to locate a "local real estate agent" as they have intimate knowledge of the area and can better educate you on what homes are selling at and what homes are rent at. The agent will also give you the inventory and how it is turning over in the area that you are interested in.
Think down the road; how long will you be staying in the area? Will your job take to you other parts of the state, country? Will home values continue to rise and build equity? No one can ever guarantee you equity, however, trends can be shown in an area and that will uncover the question of equity history.
My suggestion, depending on the value of the homes and rentals, is be a diligent shopper and do your home work up front so you make the best decisions for you and your family based on facts, not renting or just buying because you "thought" it was a good idea. Sometimes this can cause one to lose money. Get prepared and know where your credit is and what money you have to put into a transaction whether you make a purchase or rent. Both require a certain amount to due diligence.
If you have further questions, please do not hesitate to contact me for more discussion on rent versus buying.
Pam’s a residential agent for over 20 years servicing clients from first timers to retirees covering all aspects of the residential real estate spectrum from listing your home to finalizing your new....
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