is it better to rent or own in tucson?

Asked by sneakynose, Tucson, AZ Thu May 23, 2013

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Doug Seemann, Agent, Tucson, AZ
Thu May 23, 2013
There is no such thing as is it better to own or rent.... and the city isnt the most critical factor. If you are looking for long term habitation and a tax deduction... then purchasing may make more sense. If the employment, educational, or even relationship status is unstable or changeable, then renting may make more sense than a long term financial obligation. Only you and your family know what your situation is or needs are. Your Realtor, like your accountant and attorney is a resource to help you sort it out so that you can answer this question based on your unique situation.
No one can answer this for you.... and certainly not witout all of the relative data & factors.
Good Luck!

Doug Seemann
HomeSmart Advantage Group
520-370-8907
Doug@SeeSeemannFirst4Homes.com
1 vote
Spirit Messi…, Agent, Tucson, AZ
Thu May 23, 2013
This really depends on each potential renter/buyers situation. There are many variables here, if they can obtain a loan and plan on living in Tucson for the next 2-3 years, it may make more sense to own. A person can Google this question and get many answers. There is the pride of owning your own home that someone cant put a dollar figure on, tax write off (which your CPA can) and etc. If a person is only going to be living here a few months, renting might make more sense or if they cant obtain a loan for various reasons, renting may make more sense.

Any potential buyer should get pre-approved with a local lender. There should not be an obligation or a cost to this and if you don't qualify for the loan or loan amount you want now, they can show you a blueprint of what to work on so that home ownership can be part of your future.

Next, start a relationship with a local Realtor.

Best of luck.

Spirit


Spirit Messingham, PLLC
3rd Generation Full-Time Realtor®
Tierra Antigua Realty
Direct (520) 471-6900
Fax (866) 365-5208
SpiritRealty@cox.net
http://www.TierraAntigua.com
1 vote
Kat Tyree, Agent, Tucson, AZ
Thu May 23, 2013
Owning is currently better than renting, when comparing payments on a reasonably priced home. Besides the other benefits of owning, such as tax deductions for mortgage interest, and being in control of your own abode, prices AND interest rates are still low. We are seeing a trend for prices to go up, so this could change in the future.

Please contact me directly if you would like to consider buying!

Kat Tyree, Associate Broker
Long Realty Co.
Direct phone: 520-730-5540
Email: TucsonKat@gmail.com
Website: http://www.Kat.LongRealty.com
1 vote
Ric Mills, Agent, Oro Valley, AZ
Thu May 23, 2013
Doug is right on, here. It really all depends on what is important to you. Are you looking long term? Are you looking for cheaper payment? Are you looking for tax advantages? Are you comfortable with doing maintenance or want no maintenance? Do you have pets or children? Do you want to decorate to suit you or want a garage? These are just some of the things to consider. I would be glad to sit down and discuss this with you and I look forward to hearing from you.
0 votes
, ,
Thu May 23, 2013
Sneakynose,

That answer depends a lot on your personal situation and your short term/long term plans. Home prices and interest rates are moving up so it makes sense to buy now if you are in the position to do so. Rents are also increasing due to weakening supply and higher demand which means A 30-year fixed rate mortgage on a purchase will keep your payments stable and, most likely, lower than a rental payment on a similar home.

However, there are several costs associated with buying that should be avoided if you don't intend to live in the home for very long and don't have a desire to be a landlord once you move out.

There are a lot of variables to explore and you should be sitting down with an agent and lender to determine your qualifications and explore your options.

Have a great day

Tom Heath
http://www.theHeathTeam.com
0 votes
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