Answers (3)
- Rita Semprevivo, "RitaSemprevivo"
- Contributions:3
Hi User -
There are really two elements to the comparison. Financial and emotional.
The financial one is pretty strait forward in theory but in practice the real question comes down to your perspective on home values over the term of your ownership. If you feel that home prices will rise over the next X years you will own a home and can afford the payments associated with it then it will make financial sense to own. If you are not bullish about price moving north in your neighborhood then there is typically no financial justification. Here is a calculator you can use to get an idea of your specific situation: http://www.smartmoney.com/calculator/real-estate/should-i-rent-or-buy-a-house-1304481100859/
In terms of the emotional aspect of owning vs renting, you will need to think this through for your self. Everyone has their own perspective here. I have owned a home for many years and have a difficult time ever giving that up emotionally.
Best of luck.
- Rita
There are really two elements to the comparison. Financial and emotional.
The financial one is pretty strait forward in theory but in practice the real question comes down to your perspective on home values over the term of your ownership. If you feel that home prices will rise over the next X years you will own a home and can afford the payments associated with it then it will make financial sense to own. If you are not bullish about price moving north in your neighborhood then there is typically no financial justification. Here is a calculator you can use to get an idea of your specific situation: http://www.smartmoney.com/calculator/real-estate/should-i-rent-or-buy-a-house-1304481100859/
In terms of the emotional aspect of owning vs renting, you will need to think this through for your self. Everyone has their own perspective here. I have owned a home for many years and have a difficult time ever giving that up emotionally.
Best of luck.
- Rita
- Mary Ann & Gerald Laurita, "laurita7988869"
- Contributions:86
Hi User--I would say the best way to do that right now is to figure out how much you can or want to pay for a rental that would suit you. After you figure that out--you could see how much of a mortgage that same monthly aamount could pay. Then you can see if it makes sense for you. If you buy you will need some sort of down payment. Right now is a good time to buy because homes for sale now are still at discounted prices and rates are fabulous. If I can help, just email or call me. Regards, Mary Ann Laurita, Prudential CT Realty
- Sharon Patterson, "Sharon Patterson"
- Contributions:70
It is really a personal decision. It's important to inform yourself before you make a decision. I'd go to www.bing and plug in renting vs buying. You'll find a lot of information that may help you with your decision.
how can I compare renting vs buying
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