ppy200, Home Buyer in Philadelphia, PA

I plan to stay in center city Philadelphia for about 7 years. Just wonder if I should buy or rent? What factors should I be considering?

Asked by ppy200, Philadelphia, PA Sat Apr 20, 2013

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11
Just to add to what has already been said on this topic..........

I agree that it is all about the numbers. In the long run you may spend more on a rental, but the real question I would ask is, are you tied to the seven (7) years? Is there a possibility that you may have to leave sooner rather than later?

If you haven't lived in the city yet, it may be a good option to rent and test out the different neighborhoods. If there is nothing tying you to the city, then I don't see a rental being a bad decision.

Feel free to give me a call or shoot me an e-mail at any time and I'd be more than happy to discuss some options with you.

Christina Ferriello
Century 21 Alliance
3012 Township Line Road
Drexel Hill, PA 19026
610) 449-6006 (Main Office)
(610) 449-0645 (Fax)
(914) 469-7672 (Cell)
christinaf@century21.com

Follow me on Facebook and Twitter!
https://www.facebook.com/cferriellorealtor
https://twitter.com/XtinaRealEstate
0 votes Thank Flag Link Mon Apr 22, 2013
Just food for thought It all depends on you and your needs and until you discuss this with a Realtor the answers will only be opinions of the one you giving the information

Philip J. Cunningham Sr
V.I.P. Realty Corporation
7942 Bustleton Ave
Philadelphia, PA 19152
Office.(215)725-5700 X49
PhilCunningham2004@yahoo.com
http://www.GreatPaRE.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Sun Apr 21, 2013
Hi ppy200,

Thought I'd ad my two cents. Are you pre-qualified for a mortgage? If not, I think you should contact a lender and make sure--I happen to have an amazing guy in house at my brokerage who I can refer you to.

Beyond that there are other concerns, like what is your ceiling for monthly rent? If you're comfortable spending 2-3k on rent, then the numbers pretty much speak for themselves--you should be buying.

Whatever you decide, feel free to get in touch with me--I'd love to assist you.

Thanks,

(267) 269-3376

rddanes@gmail.com
0 votes Thank Flag Link Sun Apr 21, 2013
There are certainly many factors to consider, but, in my opinion, the most important factor is the numbers. I always recommend sitting down, putting some pen to paper (or creating a spreadsheet), and doing some math. 9 out of 10 times, when you see the pros and cons of the numbers, the math alone will make your decision for you, and if it doesn't it will at least tell you 90% of the story. If you'd like to have a more in depth conversation, then please feel free to reach out. We can go over the details under no obligation. My contact info is below.

Best,

Ryan C. Garrity
U S Spaces, Inc.
2043 Locust St., 1F
Philadelphia, PA 19103
215-829-8850 x208
215-514-9424 (cell)
ryan@usspaces.com
0 votes Thank Flag Link Sun Apr 21, 2013
The answer here depends on you. If apartment life suits you, a center city condo may be just the thing, but the condo fees can be killer, especially if you are decidedly not using the amenities. If that's what you seek, renting a condo where the owner pays those fees might better suit you.

Consider maintenance. Will the 7 years you spend here lend themselves to the routine maintenance and upgrades that freestanding homeownership demands? Center City homes appreciate. If it's equity you're looking for, go for a home.
0 votes Thank Flag Link Sat Apr 20, 2013
Hello,

I recommend using a rent vs. buy calculator. It is a helpful tool to figure out which options is best for you. Here is the link(http://www.bankrate.com/calculators/mortgages/rent-or-buy-ho…)

If you have questions about neighborhoods or other information please feel free to contact me. I would be happy to show you both homes for sale and rental properties so that you can compare the options and make the right choice for you.

I look forward to working with you.

Ian Perler
Sale Manager
Star Real Estate Group
Licensed Real Estate Salesperson
(203) 770-3803
Ian@MrPhillyRealEstate.com

http://www.MrPhillyRealEstate.com
0 votes Thank Flag Link Sat Apr 20, 2013
In consdering rent vs, buy, there are cost factors, The typical lease for a nice unit in center city is 2000 per month, In seven years you will spend almost 170, 000 on rent, with no equity in the property.No one can say prices are going up by housing is recovering, the inventory is lower and units are selling faster, Its probable prices will rise, as demand goes up, And interest rates are so low the money is almost free, So,, Buying has some good upside possibilities, Id like to tell you more Chris Van Derveer, Long and Foster, Philadelphia, Main Office 215-409-6900, or My cell 267-344-6200. E-Mail phlproperty1@gmail,com, I can show you some great units to buy in Center City, Licensed for 10 years and lived here for over 20!! :))
0 votes Thank Flag Link Sat Apr 20, 2013
There are several factors. But rent is mouthing but money out of the window.
Aside from condo living which involves high condo fees- my strong suggestion, if st all possible , but a center city house. If the price bus not too overwhelming- in 7 years it may appreciate substantially.
Thereafter, you will have options to rent it out at a great prium android on of sell.
Philadelphia real estate is on the rise, especially homes. Good condo may still be s good idea v renting. But a home will sort certainly appreciate and give you options in the future. 7 years is s good time not up waste money on rent! Rates are low and inventory is still abundant. There is song new construction as well.
Sincerely,
Dmytro V. Bova
Realty Mark The Diamond Group
- sales
Main Line Investors Group
- property management
610-348-8389
0 votes Thank Flag Link Sat Apr 20, 2013
There are several factors. But rent is mouthing but money out of the window.
Aside from condo living which involves high condo fees- my strong suggestion, if st all possible , but a center city house. If the price bus not too overwhelming- in 7 years it may appreciate substantially.
Thereafter, you will have options to rent it out at a great prium android on of sell.
Philadelphia real estate is on the rise, especially homes. Good condo may still be s good idea v renting. But a home will sort certainly appreciate and give you options in the future. 7 years is s good time not up waste money on rent! Rates are low and inventory is still abundant. There is song new construction as well.
Sincerely,
Dmytro V. Bova
Realty Mark The Diamond Group
- sales
Main Lind Investors Group
- property management
610-348-8389
0 votes Thank Flag Link Sat Apr 20, 2013
I would be happy to discuss the pros and cons of buying versus renting with you to best determine what would fit your needs.
Considering rent amounts versus purchase price and appreciation are important as well as your monthly costs such as condo association fees, if applicable, taxes, etc.

Please feel free to email me and we can set up a time to discuss further.

Look forward to hearing from you.

Thanks,
Jennifer
Jennphilarealtor@gmail.com
0 votes Thank Flag Link Sat Apr 20, 2013
In consdering rent vs, buy, there are cost factors, The typical lease for a nice unit in center city is 2000 per month, In seven years you will spend almost 170, 000 on rent, with no equity in the property.No one can say prices are going up by housing is recovering, the inventory is lower and units are selling faster, Its probable prices will rise, as demand goes up, And interest rates are so low the money is almost free, So,, Buying has some good upside possibilities, Id like to tell you more Chris Van Derveer, Long and Foster, Philadelphia, Main Office 215-409-6900, or My cell 267-344-6200. E-Mail phlproperty1@gmail,com, I can show you some great units to buy in Center City, Licensed for 10 years and lived here for over 20!! :))
0 votes Thank Flag Link Sat Apr 20, 2013
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