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rent or buy a home ?
both have their advantages ..
rent if you …
- you are going to be there for a limited time
- not sure if you like the neighborhood
- you have the flexibility to move out when you want to
- no need to pay for property taxes , maintenance and repairs
- a small monthly payment and you are free …
buy if …
- you plan to stay there for a long time
- like the neighborhood
- you will be responsible for property taxes , maintenance and repairs
- you will need to pay a down payment and a monthly mortgage / payment
- you want to build home equity
and in this market .. we recommend you wait before buying .. reason .. the slowing economy , the recessions around ..
it is a buyer’s market ( an obvious indication of the recession – the billboards , outdoor advertising – a lot of of them are idle / showing the owner’s name )
we have noticed that due to work from home culture .. a lot of people don’t need to rent separate apartments anymore .. they are moving back with their parents ..to save on the costs of the separate apartments ..
due to this , the rental home demand is also coming down…and so are the rents
we have been tracking selling prices for some homes and they are down almost 30 % from their highs just 9 months ago …
it is a buyer’s market .. the property rates will be going down and so will the home loan / mortgage rates …
so , if you are patient enough , you must just land yourself a good deal on a home at almost 40 – 50 % of the borrowing rates … a really sweet deal…
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