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Rent Verses Buy?

Rent Verses Buy?

The decision to rent or buy is not one to take lightly. Today’s marketplace presents many challenges and making the wrong decision could cost you a lot of money and frustration!

The first step is to consider several questions:

How long do I intend to live in the area?

How steady is my income, job or retirement income?

What type of events could change my income level?

Do I have the necessary qualifications to obtain a mortgage?

How stable is the housing market?

What will it cost me monthly or annually to own verses rent?

Can I afford the property maintenance and upgrades, tax and utility increases associated with home ownership?

Many people jump into buying a property before they thoroughly think about these questions and have had major regrets. The economy is always changing and much money can be lost if you do not carefully plan for the ups and downs in the market.

In the past, generation after generation, the market usually increased in value, but now taxes and expenses have skyrocketed and incomes have lagged behind. As Folks get busier and busier, they have less time to maintain the interior and exteriors of their properties. So taking time to evaluate whether to buy or rent is important!

Finally, you should always look at the economic costs and determine if home maintenance and association fees are affordable for you. Sometimes, renting can be your best option.

Either way, buyers and renters beware!  Check out neighborhoods, review the responsiveness of each landlord, and carefully review the condition of the property. Make sure you are doing business with a reputable real estate agent or landlord.Before you look, develop a budget and checklist of what things are important to you! And look into crime issues, noise issues, parking issues and proximity to the services you need  Trust you instincts and get the adviser you need that understands your special requirements.