From Beatrice Karbowski, 917-887-9164
Should you buy or rent? This depends upon your finanical situation, I suggest you talk to a Bank, Real Agent,
who can guide you in the direction that will your circumstances.
However, overall in this markets when rates and houses are low, it would be a good time to purchase.
If you have good credit, enough money saved up for down payment, then my recommendation is to choose an area you like to live in. Investigate what properties are selling for and how much a rental in the same community will cost you. Then decide how long you would be happy living in the area. This exercise will give you the data you need to analyze a rent vs. buy scenario that will help you make an informed decision.
We did the same analysis before buying our home. 14 years later we would have to pay twice what we pay for our mortgage, taxes and insurance to rent a comperable place, not to mentione that we have built a sizeable equity in our home that will help with our retirement.
Best of luck to you.
If you are planning on staying in the same area for several years I could be a great time to buy.
If you are planning on moving anytime soon that it would make more sense to rent.
There are some calculators online that compare rent vs buy scenarios. They are kind-of fun to play with and may help you compare options.
Due to the low mortgage rates, I would say that it is a great time to purchase a property. If you are interested in seeing what mortgage options are available to you, feel free to contact me. I would be glad to assist you with any questions might have.