Rent vs Buy in 01545>Question Details

Elizabeth Ha…, Real Estate Pro in Westboro, MA

buy or rent

Asked by Elizabeth Hanson, Westboro, MA Mon Jun 23, 2008

Help the community by answering this question:


My preferred mortgage company has a wonderful tool....a buy vs rent calculator:

It really all depends on the persons individual circumstance, but this will help someone decide.
1 vote Thank Flag Link Mon Jun 23, 2008
I'd say that buying is usaually the better option. Even can be in the short term. Just as long as you get a house in good condition, in a great location, at a good price!

0 votes Thank Flag Link Fri Jan 28, 2011
Low interest rates are a big factor though alot of people overlook. If rates go up, a lower priced home in a year could cost you the same. Buying also offers a lot of tax advantages that can result in more money in your pocket when you do your returns.

One possible option is to consider a multi family home. Perhaps it wont be your dream home, but when you are ready to upgrade to another home, you can retain your income property and rent it out. Right now alot of people are able to buy income properties and earn a positive cash flow due to the low rates.

You are also able to buy a two family home with a FHA loan, 3.5 percent down, and reside in one unit and rent the other. I find alot of buyers never consider this option. Something to consider.
0 votes Thank Flag Link Thu Jan 27, 2011

The market is in general is still horrible and metrowest is no better off. Also take the advice from brokers with a huge grain of salt, remember no sales no commissions. Check out the other blogs about buying in metrowest on Trulia. Here is a summary of broker answers over the past few years on your question.
2008 buy
2009 buy
2010 buy
get my point.. See link for a bit of humor on this topic.

Wait it out, invest the difference from renting and you'll come out much better off
0 votes Thank Flag Link Thu Jan 27, 2011
Market will continue to tank in2011 and beyond.

For news links discussing market conditions
0 votes Thank Flag Link Tue Jan 4, 2011
If you are a realtor, now is the time to buy. If you are a NonRealtor, renting is much better in a crashing market.
0 votes Thank Flag Link Tue Jul 8, 2008
The first question you have to ask yourself is what i your overall goal for the property in the next 10 years. the ones that has been established one must decided on what mortgage product bests suites their needs. i work for a bank in the lending department so what i always do with my clients is create an analysis chard of buy vs rent so they can compare all the numbers and see where they will be in the next 10 years. If you are interested in talked i'll be glad to advise you in any way i can.
Thank you,

Alina Kanevsky
Lending Specialist

Mid Atlantic Capital
405 Kings Highway South
Cherry Hill, NJ, 08034
Phone: 856-429-2207
Toll Free: 800-232-5171 ext. 501
Fax: 856-429-4118
Cell: 267-474-8050

Web Address:
0 votes Thank Flag Link Tue Jun 24, 2008
Hi Elizabeth - I always say buy vs rent, especially if you're in it for the long term. Real estate has always been a good long term investment if you're buying within your means. You are buying a home, a place to build equity, raise your family, have a place to call your own, rather than helping a landlord put money in his/her pockets. Yes, the market has gone down due to all of the foreclosures on the market these days, but take for example Worcester County - it was in a declining market for the start or the year, and just this month, its market has stabilized enough to now not be in a declining market according to the banking world. I believe in March was the last big wave of ARMS loan adjusting, so hopefully we will see in the next 2 years many of the foreclosures coming on the market and being sold, stabilizing the market for 2010. I read a study that real estate goes in 20 year cycles, and since back in the 1980s and 1990s we saw 13-16% interest rates for loan, today's market is a breeze with 6.75% for a 30-yr fixed rate for mortgages. :o) No matter what - buy now while the market is low and ride out the waves in the housing market. I feel you will be better for it! My humble opinion... ;o)
0 votes Thank Flag Link Tue Jun 24, 2008
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