Deciding whether to rent or buy is a big decision for many Washington, D.C. and Maryland area residents. If you are frustrated paying high rent, now is the right time to purchase that dream home. With interest rates at an all- time low and many mortgage programs available there is no reason not to buy now. Although there are many pros and cons that may help persuade you to start the process to homeownership. If the family budget and overall financial position looks good or you are thinking about the future outlook for your family….. Now is the time to decide to rent or buy!
One positive sign to consider when renting is the benefit of being able to move… whenever you want for various reasons such as, a job opportunity in another part of the country or one in a different location within the DMV area. Renting eliminates the expense of having to make needed repairs, performing maintenance or making any replacements, e.g. the heating and air conditioning unit, plumbing systems, or making other fixes associated with a rental unit. If something breaks down in your unit you can call the landlord who is responsible to replace it — not you!
An important factor to consider when deciding to rent or buy is how long you plan to stay in the area. The DMV area is a very transient area where people commute into the area for a few years to take a government position or other contracting opportunities. If you are only here for three years or less you probably should rent. It’s more cost effective to stay in your home at least five to seven years to recoup the cost of buying and to build equity in your home. Another option, if you are only here for a few years and think you may be back, purchasing a home that will appeal to renters is a good option to consider. This will provide rental income while you are away. Let’s us help you make that decision!
Homeowners on the other hand must have the money to make any needed repairs, have time to repair systems or to improve the appearance and condition of their property. Many home buyers decide to become homeowners only after making long commutes to their place of employment. Sometimes they will commit to a location or community for a better school district for their children. As a homeowner you have the ability make repairs, decorate or improve the property rather than having to ask for approval from your landlord. From a financial standpoint, first-time home buyers feel they are wasting money by paying sky-high rent. In addition, home buyers have the option of obtaining a fixed-rate mortgage which gives them the advantage of knowing their principal and interest payments. They know this monthly investment will remain the same although property taxes and homeowners insurance premiums can increase in the future. Conquer your fears and let us know you move into a home today