Rent vs Buy in Sanford>Question Details

Michael Ormi…, Renter in Sanford, NC

Is renting better short term, too?

Asked by Michael Ormiston, Sanford, NC Mon Jun 25, 2012

I can't seem to find the house I want in my price range for a rental property. I already own a house in another state, and wasn't looking to buy a new one with uncertainty on how long I'll be in the area. But, it seems like there are more options and I could find what I'm looking for if I wanted to buy. But, what is the conversion? I've heard expect to pay about 1% a month for the purchase, so $100k you'll pay $1,000 monthly. Most of the houses I like for sale that I've seen are between $200k - $250k, but I know the price range I'm looking for in a rental is $1,200. Would it even be feasible for me to buy with those expectations?

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3
I understand your concerns about owning a home and purchasing a 2nd home. the figures you have quoted are not exactly accurate. A monthly payment on a purchase depends on many factors like how much you are going to put down and what the taxes and possible HOA fees might be if you are in a neighborhood that charges those. I have a few other questions like do you have or do you intend to put your home on the market in order to avoid two payments which you will have whether you rent or purchase. Have you considered renting out your other home until the market recovers and you can make more on the sale of it. In the meantime you could purchase as it is a great time to buy with property values down in the area and interest rates low. You could purchase a lot of house for a $1200 payment.
Please feel free to contact me if I can give you more answers or you would like to discuss your options. I am available for information even if you do not purchase a home and I can help with rental properties as well.
0 votes Thank Flag Link Tue May 28, 2013
Not looking to own. Relocating to the Sanford,NC area soon.
0 votes Thank Flag Link Mon May 27, 2013
IF YOU RATHER OWN LOOK INTO SOME FORECLOSURE HOMES. IF YOU DECIDED TO RELOCATE U CAN RENT THE HOME OR RESALE IT FOR A PROFIT.
0 votes Thank Flag Link Mon Sep 3, 2012
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