Should You Rent Or Buy?

By Doherty • June 13th, 2011
Ground and aerial shots of recent real estate ...

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Good news because today is a buyer’s market. The options are wide array while the interest rates are low. However, the classic rent VS buy debate proves that buying may not be best for everyone. Here are some of the considerations you need to consider even if the real estate market offers very attractive Homes in Temecula CA:

Mortgage payments VS Rent payments

Home ownership doesn’t just end in down payment, and mortgage payments. There are still upfront costs associated with home ownership like closing costs, filing and other miscellaneous fees, HOA fees, and home insurance costs. Before you choose which is which , it is best to contemplate how much money you have already saved up, how much down payment you’ll be paying for, and how much mortgage are you qualified for buying a home at Real Estate in Smyrna GA.

Maintenance

Before you choose between renting and buying, consider maintenance costs . bear in mindto factor in all the costs of homeownership because the cost of maintenance might go beyond what you expect for and will eventually make it hard for you to sustain all the other costs of either renting or buying.

Tax Credits

Tax benefits are supplied in home ownership but does not guarantee a rise in the property value . Estate your tax benefits. Try to know the present rate of interest for money deposited into either a high-yield savings account, or invested into stocks. Then calculate how much money you would profit over 30 years if you were to invest your upfront housing costs. Evaluate the pros and cons. contemplate the standard increase in property values of a particular area where you are going to buy your property. This procedure can help you choose which is the best investment.

Rent VS Buy Calculators

Although this may not be 100% accurate since cost for insurance and taxes can go up and down, still you can get a general idea on which option is the best for your Medford OR Homes

 

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