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Buy vs Rent A House, What Makes Sense For You?

By Kuppan Gayathri

Buy vs rent a house is the age-old question. There are pros and cons to both sides, so you have to carefully consider when answer the questions for yourself. Buy vs Rent A House? It is important to understand your long term goals and how you are going to get there.

Lock in Costs

Buying a home is a good way to lock in your housing expenses. With prices on the rise, buying a home while lower interest rates are still low, will lock in your housing expenses. Wait too long and your affordability could diminish as interest rates head North.

Did your rent increase this year? Increased rent is not something you can control. You can go to drastic measures to avoid the increase, like moving, but more than not, that would increase your costs more than the rent increase.

Tax Benefits

There are tax benefits to consider which might make buying a home NOW more affordable then ever. Speak to your tax professional to understand what a home purchase could return in tax benefits. Would you like for Uncle Sam to get a few less dollars? Additionally, if you are buying a home in Virginia, get familiar with the First Time Home Buyers Savings Plan

Staying Put

Do you plan to stay put for a few years? If so, there could be a considerable payoff down the road. However, if you plan to move around or are unsure of your plans, the upfront expense of buying a home could outweigh the benefits. This is an important question to ask yourself when determining what makes sense for you, buy vs rent a house

Good School District

Regardless of whether or not you have kids or plan to have kids, buying a home in a good school district is a smart move. Real estate tends to hold it’s value in an area where there are good schools. Would it be nice to build some equity?

Calculator Buy vs Rent a House

Sitting down and doing the calculations and understanding all the factors that help to answer the question of Buy vs Rent a House, is a great place to start. This will help you to think about your goals and where you want to be down the road. Use this Buy vs Rent a House calculator to help determine what’s right for you.

Contact me today and we can setup a FREE Buyer’s Consultation. This will help me better understand your needs and then diligently work get you into a new home that is right for you.

Additional Resources:

New York Times, Is It Better To Rent or Buy, By MIKE BOSTOCK, SHAN CARTER and ARCHIE TSE

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