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Should you rent a home or buy a home in the 2016 real estate market? There are a few things you should consider when making this decision.
First of all, you need to consider timing. How long will you be staying in the area? If you will only be around for a short period of time, it is probably better to rent so moving will be easier when the time comes. If you are here for the long haul and plan on sticking around, it is definitely always better to buy than to rent.
Secondly, you need to know your mortgage options. How much house can you buy? Are you more price-sensitive or interest rate-sensitive? We also need to know which down payment assistance programs you are eligible for. There are state programs available and most banks also have individual programs that will give you a couple thousand dollars.
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I recently had a client who was paying $1,800 a month for a rental. I found him a home with a mortgage payment of $1,200 a month. Since he tripled his square footage when he switched from an apartment to a three-bedroom house, he decided to get a tenant. The tenant pays $600 a month in rent.
If you are staying in town for a long time, it is definitely always better to buy.
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In other words, my client went from paying $1,800 a month to $600 a month for housing! Not only that, he now gets all the tax benefits that come with owning a home as well. His life has changed dramatically.
If you are interested in owning a home, come by for a consultation. We will show you the numbers and figure out what your options are. If you have any questions, please don’t hesitate to reach out to me. I would be happy to help you!
