Will 2016 Be the Year You Become a Homeowner?
How to
Determine if You Should Rent or Buy.
Renting an apartment or home
can be a great decision, especially when you’re first starting out or move
frequently. But when you’ve been renting for a while, you’ve likely thought
about whether you might be better off owning your own home. Could 2016 be the
year you become a homeowner?
Ultimately, your decision to
buy a home or continue renting will be a financial one. Don’t automatically
assume you’ll be better off renting. You may find you’re throwing money away
every month on rent when you could be building equity in a property of your
own. In 2014, for example, a
Trulia study found that it was 50 percent
cheaper to buy a home in Minneapolis than it was to rent one.
Rent or Buy In Buffalo?
Fortunately, there are several
online tools you can use to help you figure out whether you’re better off
renting or buying. Realtor®’s calculator
determines whether you should rent or own based on your city, home price, and
monthly rent payment.
Imagine you’re considering
purchasing a home in Buffalo, Minnesota. The median home price is $160,000.
Assuming you’re paying $1,000 per month in rent, buying a home becomes cheaper
than renting after just three years of home ownership.
In fact, how long you plan to
stay in your home has the most significant impact on whether it makes more
sense to buy or rent. If you’re planning to move after just a year or two,
renting might make sense. But if you can commit to staying in your home for 5
to 7 years, buying a home will likely be your best bet.
The decision to buy a home is
likely the biggest financial decision you’ll ever make. That’s why it’s so
important to have an experienced Realtor® by your side during the home buying
process. To get started on your 2016 home search, contact Trent Shipley at Keller
Williams Realty Integrity NW today.
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