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M. GIANGRANDE, Home Buyer in Hamden, CT

RENT? OR BUY????

Asked by M. GIANGRANDE, Hamden, CT Fri Feb 17, 2012

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Answers

13
Ron Thomas’ answer
Buy if;
You are going to stay in one place for a while; like until the youngest graduates
You are tired of Grafetti
You need 3 or 4 bedrooms
You want the tax deduction
You believe that house prices are going up
You want to have a lawn & garden
You want some privacy
You like to do work on the house
You want something more than a Car Port
You would like something in green or blue

Rent if,
You think housing prices are going down
Your credit stinks
2 votes Thank Flag Link Fri Feb 17, 2012
Never buy a condo/townhome. Claustrophobic and harder to sell. Buy a single family house - lots of privacy and space -- and a "real" backyard.
0 votes Thank Flag Link Sun May 13, 2012
Check out my Better Than Renting blog link below. It describes how I lost money on the sale of my house, but I still came out $982/month better than I would have if I had rented.
0 votes Thank Flag Link Fri Feb 17, 2012
From Uncle Jim’s Laws regarding real estate and mortgages:

When it comes to interest rates, what goes up must come down/what goes down must come up.

Prior to last year the average mortgage rate for the previous 40 years was 9% according to Freddie Mac. They didn’t tell me that, I took their figures and averaged them myself.

Every day you do not close on a fixed rate mortgage is one day closer to them going up. As for your question, yes or no.

The difference in PI on a $200,000 mortgage from 4% vs 9% is $954.83 and $1,609.25, just saying...
0 votes Thank Flag Link Fri Feb 17, 2012
Home prices and interest rates are at historically low levels -- at the same time -- an excellent opportunity for buyers. In addition, there are tax benefits to home ownership that renters are not able to take advantage of. If you are planning to stay in the home for at least 3 -5 years this is a great time to start looking. Start with a full time professional Realtor and mortgage person!
0 votes Thank Flag Link Fri Feb 17, 2012
Home prices are down and mortgage rates are at all lows. That combo usually does not happen historically. So if you can buy it is a great time to do so. If you want a FREE pre-qualification please visit my site to contact me.
Regards,
Scott
0 votes Thank Flag Link Fri Feb 17, 2012
A decision only you can make; it’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation.
0 votes Thank Flag Link Fri Feb 17, 2012
RESEARCH!!!

Answer could be either, depending on what you're looking for and what your situation is.
0 votes Thank Flag Link Fri Feb 17, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Your question is very general and the answer depends on your situation as well as your thoughts on the housing market and other issues as Ron pointed out. It's a great time to buy - low prices on homes and low interest rates - but your unique situation determines if now is the right time for you to buy or not.
0 votes Thank Flag Link Fri Feb 17, 2012
Unfortunately, there's no simple answer for you -- "it depends". I'd suggest that you find a "buyer's agent" that you feel comfortable with and trust. Share with the Agent your specific circumstances (how long you plan to stay in the home, your FICO Score (strong, or needs repair), whether you want to spend time working on a house, or want to keep your weekends free). There are a lot of factors to consider -- again, a good "buyer's agent" can walk you through all the questions that you need to answer to come to decision that's right for you.
0 votes Thank Flag Link Fri Feb 17, 2012
If you can qualify for a mortgage, it is definitely a great time to buy with interest rates and home prices at an all time low especially since your mortgage payment could very well be less than paying rent. If you need any assistance with the process, please feel free to contact me, Julie Lucia, Realtor, Showcase Realty, julie@julierealestate.com; 203-578-5631.
0 votes Thank Flag Link Fri Feb 17, 2012
Hello,

I think Ron makes some very good points.

Let me speak from experience. I rented the same place for 6 years, the first year I paid $750 a month by the end of the 6th years I was at $925 a month. So the first year I paid $9,000 in rent and the 6th year I paid $11,100 an increase of 23%

I have owned my property for 7 years and my mortgage is the same price it was 7 years ago. I imagine by now my rent would have exceeded my mortgage payment.

In the 6 years I rented I paid over $60,000 in rent and when I left I left with nothing.
0 votes Thank Flag Link Fri Feb 17, 2012
In Hamden, BUY. You can get a lot of house for what an equivilent rent would be. The neighborhoods here reflect all levels of income, and your family status. Good Luck!
0 votes Thank Flag Link Fri Feb 17, 2012
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