Home Buying in Raleigh>Question Details

ellypage2001, Home Buyer in Saint Louis, MO

Moving to Raleigh area

Asked by ellypage2001, Saint Louis, MO Sat Apr 27, 2013

My husband has just got a 1 year contract position at NC State that may turn into a permanent position. I was looking at the rentals available and it seems that for what we are used to living in (a nice house) in Gainesville, Florida (which we own) that it is around $1700-$2000 per month in Raleigh/Cary.

My questions are:
Would it be worth us buying instead? We have a couple of investment rentals and it looks like we could rent the house out later if we have to move for more than the payments.

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Answers

6
Hi Elly,

As much as I am for buying- until you are certain renting seems the way to start there are plenty of short and long term rentals in the area. With that being said if buying is where you see yourself headed and you might see yourself renting it out in the future you can always be your own landlord or use a property management company. I would be glad to help you in either situation (buy or rent). Additionally my company offers property management services as well.

Again it would be my pleasure to help you out. You can call email or text me.

I look forward to speaking with you.

Regards,
Dawn Anderson
919-960-6321
andersond@hpw.com
http://www.dfarealestate.com
0 votes Thank Flag Link Mon May 13, 2013
Yes...buying will be much better.
0 votes Thank Flag Link Mon May 6, 2013
I think the first question I would ask myself: Do I want to own a property in NC (another state and potentially be an out of state landlord?) If this is your investment plan and you are comfortable with what it takes then buying a home is a great decision.

You did mentioned that you are living in the nice home in FL, so you would probably like to buy same or nicer home in NC, this may become a problem when you are trying to rent it in the future. Larger homes do not attract as many renters and do not bring as much income to cover expanses. You would need to consider the following: HOA dues (typically paid by the owner), rental home insurance coverage or even umbrella policy, management company costs and potentially landscaping service. And of course all of the move-in and move-out preparations.

We have an excellent brochure on Renting VS Buying, if you would like more info, let me know. I own and manage several investment homes for many years, I will be happy to share with you firsthand experience!
Irina Bennett
Realtor/Broker at REMAX One Realty
ABR - Accredited Buyer Representative
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18 Years of experience in the Triangle Real Estate!
Let's talk about Land-Investment-Commercial-New and Green Homes-Real Estate Foreclosures and Shortsales
To search for NC homes, go to:
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0 votes Thank Flag Link Sat Apr 27, 2013
Welcome to North Carolina!!
Yes, it is worth buying this time with the low mortgage interest rate and a tremendous selections of houses. It is even possible that you will be paying less than your monthly rent budget of $1700.00. for a house around$250,000.00 - $275,000.00 (depending on your loan terms and mortgage interest). If you are owning, about 80 - 85% of what you pay monthly is tax deductible (mortgage interests and property taxes) . If you are renting you are not going to have that leverage and you loss all of those payments. (Well, maybe not exactly, because it provided you and your family a great shelter - because you can get a fairly nice house for a $1,700.00 - $2,000.00 monthly rent.)

When you are going to move for another job situation, you can rent it out - as a real estate investor you have up to $25,000.00 allowable tax deductions/year. (Please consult your tax advisor). You already know this however being a current investor. I would love to help you. My contact information is 919-302-4013. And please visit our website http://www.CarolinaMaxRealty.com and click on the Neighborhood link to get you acquainted of the happenings around the Research Triangle Park Area.

Nila Kucharski
0 votes Thank Flag Link Sat Apr 27, 2013
My daughter is in the graduate assistant program at NC State ( Go Wolfpack !!) She starts her doctorate in the Fall.

The decision to purchase/rent will be yours. As a Realtor, I'm typically always in favor of purchasing but it sounds like in your case with the unknown of a year, it may be wise to rent for a while and assess your situation as it develops. While property values are once again on the increase here, it's unusual to break even after only a year of owning should you have to move that soon again. If you don't mind leaving a home behind to rent out, then the purcahse would work and there are several excellent property management companies/individuals I could refer you to if need be.

If there is anything I can do personally to assist you, please don't hesitate to ask. You can start by visiting my website at http://www.RaleighHomeSite.com . You will find lots of area information links there plus you can search our MLS system with the IDX search tool on the site. Like many people who live here, I am also a transplant going on 20 years here now and have been a licensed Realtor since 1994.

Best wishes with any decisions you make!

Ernie
0 votes Thank Flag Link Sat Apr 27, 2013
My daughter goes to NC State. If you can buy then buy. If you need to rent than rent. If you need some help contact me at 919-870-2999 text or call, or email samcalvert@mindspring.com. We've lived here 26 years and I've been involved in residential homes for 35 years. Find you a good spot.
0 votes Thank Flag Link Sat Apr 27, 2013
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