Do we buy or rent? That is the dilemma facing many potential homeowners today.
If it seems that buying is more costly and time demanding than renting continue renting. However, if you can comfortably afford to do so and you have plans to stay at your location for a while buying a home has significant advantages.
Basically it all depends …
Given the right buying conditions, owning a home is often promoted as a better choice than renting.
- For example, currently, there are still federal and state tax breaks and low/no interest financing for energy saving improvements … homeowners can claim deductions for some of their real estate property taxes and for some of the interest paid on their mortgage each year.
- Another advantage of owning over the long term is that homes build equity both by paying down the mortgage every month and if/when their home appreciates in value.
- Many savvy homebuyers increase their equity more quickly by buying homes that need
cosmetic improvements (such as decorating) rather than structural renovation (walls need moving). These minor improvements can significantly increase the value of a home over a relatively short period of time with a modest investment.
However, there are times when renting a home is the more sound choice to make.
- For example, if you are only going to be at your place for a couple of years, it makes no sense to buy the home, as this would be the more expensive endeavor.
- If you buy or sell in a short period of time, you may actually lose equity.
- If you’ve identified the general area in which you want to live but haven’t made a final decision as to the specific neighborhood.
- Downsizing to an area you’ve never lived in … it could save you mistakes in the long run.
If you like this you’ll like Mike Hunter, the House Hunter as your Realtor even better. He knows the Sudbury market and has represented many happy Sudbury households to buy or sell for years. Please feel free to forward his profile to others you feel would benefit from his services.
Call Mike 978-580-1069 today.
For a full list of what I like about Sudbury click here.
People also ask about other House Styles of New England click here
Mike Hunter … expert Metrowest Boston real estate advice and simple results-driven transactions
