Rent vs Buy in 02149>Question Details

Loudanvers, Both Buyer and Seller in 02149

67 year old seliing home in Everett Ma and looking to move to northshore of boston. Should I rent or buy a condo?

Asked by Loudanvers, 02149 Fri Aug 5, 2011

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Hi my name is Linda Sciaraffa and I am the Broker/Owner of Linda's Rentals if you would like to see what your options are here on the north shore take a look at my web. http://www.Linda's Rentals.Biz

Thank you
Linda Sciaraffa
Linda's Rentals
Office# 978-969-1978
0 votes Thank Flag Link Fri Aug 5, 2011
Rents can up. Home prices can down.

Assume your $1500 rent went up 20% to $1800 or $3600/year.

assume the price of the $150,000 home just went down 20% or $30,000 in one year.

Which sets better with you?

How about renting for a year and lose $3600 instead of $30,000. Then go buy a home at 20% less.
0 votes Thank Flag Link Fri Aug 5, 2011
Lou- That is very hard to answer with out all the information. If you are sitting on assetts or getting a sizeable sum of money for your home it may be wise to talk to a financial planner to see what may be financially beneficial for your situation.... retiriment goals, housing goals and so on....

As far as buying a condo it really depends on your houseing goals. If you are thinking of buying short term to the intermediate.... 5-7 years or less I would probably think twice about buying. If you are definitely thinking intermediate to long term.... 7 years or more it may be worth considering a purchase.

Buying a home isn't nor should always be about the money. Owning your own home provides a sense of security. When you rent, landlords can change creating some chaos, rents go up so it is hard to predict future costs and lastly you do not have the sense it is your own space to do with what you want.
0 votes Thank Flag Link Fri Aug 5, 2011
It depends on how much money you will have to buy you next home. There are communites for age 55 plus that you can buy into that you likely won't find a rental. This question very much depends on your financial circumstances and timeline for living in your new home.

Best of Luck,
Web Reference: http://www.teamerickson.com
0 votes Thank Flag Link Fri Aug 5, 2011
Rent. Unless you are fine with losing a boatload of cash on home depreciation.
0 votes Thank Flag Link Fri Aug 5, 2011
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