Rent vs Buy in Bayonne>Question Details

Thedarkknight, Home Buyer in Bayonne, NJ

Rent or Buy? Common question but my situation is different.

Asked by Thedarkknight, Bayonne, NJ Fri Jul 18, 2008

I presently rent a house in Bayonne NJ. The rent is 1450 exclusive of all utilities. I am not a US citizen and so will be going back to my home country in the next 5 to 7 years. What would you suggest I do - keep renting or invest in a home? I work in NYC so if I think of buying a home, it'll be somewhere close to the city. Using some of the 'Rent or Buy' calculators, the suggestion was to keep renting as after 5 - 7 years the total money spent on rent would be far lesser than that incurred for buying and selling the new house. Your suggestions will be valuable and much appreciated.

Help the community by answering this question:

Answers

4
It's a great time to buy.

Home Buyer’s Tax Credit – 8,000 for first time homebuyers and 6,500 for repeat buyers

Low Interest Rates – Qualify for higher mortgage before interest rates rise.

Low Cost for Homes – Bank owned or short sales properties are available so homes are ON SALE.

The best time to buy is NOW. Markets have high and low trends. We buy low and sell high is an investor’s rule of thumb.

What I would like to know is what are your real estate needs?
What is your price point?
What kind of unit are you looking for?
Where do you work and what are your hours?
In your free time what do you like to do?
There are several more questions I ask to help get to know what you’re looking for. I can help you focus on what is important to you and help you obtain your real estate goals.

Give me a call so we can discuss those questions above and more.

Let me help you find you new home!

Check out some Reviews about me I helped recently:
http://www.yelp.com/biz/raquel-sharper-hoboken

I can help YOU too! It would be my pleasure to help you.

Good Luck on your search!

Best,

Raquel Sharper
Real Estate Consultant
Liberty Realty LLC
525 Washington St.
Hoboken, NJ 07030
201-686-6977 Cell
201-222-2811 Fax
rsharper@libertyrealestate.com
0 votes Thank Flag Link Sun Jan 10, 2010
Make sure you also check into what your requirements will be as often non citizens (with little or no us credit) must put greater amounts down. With market dropping though I would put off buying atleast another year or so. The rise in interest rates wont have as much effect if you are only going to be here 5-7 years as a continued drop in values.
0 votes Thank Flag Link Sun Jul 20, 2008
The calculators tend to be optimistic for today's market. The nytimes one is.
0 votes Thank Flag Link Fri Jul 18, 2008
What did you use for assumptions when you ran the calculations? Did you assume a mortgage payment similar to your current rent? You might re-run them to see what you could buy that would result in you spending less in initial purchase price. Then see what 's available for that amount.. If you like your options, buy. If you don't keep renting! Also, there are "quality of life" differences between renting and owning. Sometimes they can't be quantified, so you need to take your personal feelings into consideration. best of luck!
0 votes Thank Flag Link Fri Jul 18, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer