To Rent or Buy?

Are you on the fence? Thinking of buying a home but not sure if it’s right for you? With interest rates so low and the extended homebuyer tax credit available (up to $8,000), this is a great opportunity to be in the market as a first-time buyer.

There are many advantages to owning a home. Homeowners build personal wealth through equity, there are tax advantages and it allows you the flexibility to create your own personal style. Go ahead and paint that room red or blue or green…whatever you want!

The first step in evaluating whether owning is right for you is to compare the costs of renting to the costs of buying a home. Since there are all kinds of forces at work behind the scenes (interest, property taxes, tax savings, appreciation, opportunity costs, closing costs, selling costs, etc.), comparing the cost of renting to the cost of buying is a lot more complicated than just comparing the monthly mortgage payment to the monthly rent payment. This Rent vs. Buy Calculator will help you calculate your costs.

Second step, do you know what you want? What will fit your lifestyle? Do you want to be in an urban environment, suburban or rural? Do you want low maintenance (i.e. condo/townhouse, house with small yard or do you enjoy mowing the lawn on a Saturday afternoon? Rochester provides a diverse selection of all types of homes to fit all types of lifestyles. From downtown lofts to acreage in the country, there’s plenty to choose from.

Most buyers need financing. How is your credit? Do you have money for a downpayment and closing costs? While some cash is required, there are programs available to help buyers, especially first-time buyers, such as FHA mortgages as well as grants that are available to assist with closing costs.

The good news is you don’t have to do this on your own! Buyers can hire a real estate agent to represent your interests and help you navigate through the process. How do you find the right agent? Nothnagle.com provides you with agent bio’s and information or search the neighborhoods/towns you are interested in and see who is doing business in the areas you are looking in. This will help you locate someone familiar with the area. Still not sure? Call 899-MOVE or use our live chat feature on Nothnagle.com and we will match you with someone who can best serve your needs.

One response to this post.

  1. Owning a home has many advantages and is always better than renting because at some point you will own your house outright whereas renters are perpetually filling the pockets of others.It is still one of the best long-term investments you can make.

    Reply

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