ZumbaJess, Other/Just Looking in Indianapolis, IN

Should I rent or buy? Young-professional mid 20's....

Asked by ZumbaJess, Indianapolis, IN Mon Sep 16, 2013

Needing some advice about renting vs. buying. Preferences include updated appliances and hardwood floors, 2 bedrooms, W/D hookups, close to highway (465, 65/70). Price range 850-950....First time buyer if I choose to buy. Any advice would be most appreciated!!

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Peter Knight, Agent, Fishers, IN
Mon Sep 16, 2013
Hi ZumbaJess,

The rent vs. buy choice comes down to your options for mobility. Right now, buying is cheaper than renting but if you do not plan to stay at least 5 years, then renting is the safer option. Also, buying does involve some upkeep; less so if you purchase a condo, but some. As you are in your mid-20's the long-term benefits of property ownership may not mean a lot, but even shorter-term, there are income tax benefits to be had over renting.

I guess the key decision is how long you plan to stay in or around Indianapolis. If your career allows some progression without changing cities, then you should seriously consider buying.

Peter Knight
(317) 529-4178
1 vote
Avery Garrett, Agent, Carmel, IN
Mon Sep 16, 2013
It depends. If you plan on staying in the area, I would say buy. Interest rates are near historic lows, and will only go higher. Prices of homes are also going up. If your plans are unsure, I would say rent.

Give me a ring and let's talk about it.

Avery Garrett, Realtor
Coldwell Banker Kaiser
1 vote
Tiff Atkinson, Agent, Indianapolis, IN
Mon Sep 16, 2013

This would be a decision that only you can make. Interest rates are steady rising, the higher the interest rate the higher your mortgage payment will be. Financial Analysis are predicting rates will be at 5% by year end.

Let me know if you want to talk further. I have a great lender who can also offer advice and help you consider various cost projections.

Tiff Atkinson
Real Estate Broker
Carpenter Realtors
1 vote
Braxton Dent…, Agent, Inianapolis, IN
Mon Sep 16, 2013

I am also in my mid-20's and I can totally relate. I have had many clients who are first time home buyers as well and we have had very good rapport. I would be more than happy to set down and see whether buying or renting would be most beneficial to you. No commitment required. Call, text, or email me and we can set something up.

I look forward to talking with you soon!

Braxton Denton
1 vote
Kristin Tomyn, Agent, Carmel, IN
Mon Sep 16, 2013
I would say you have a few things to consider in your decision making process. One-- depends on what your plans are in the next few years. Will you be in the home at least 3 years ? Two- do you have down payment saved and have you been qualified to purchase. Buying is great because interest rates are so low and you can qualify for a tax deduction but if you don't plan to stay it may not be in your best interest to purchase. Call/email me if you need help. Ktomyn@c21scheetz.com 317-430-5558
1 vote
Jim Linville, Agent, Homecroft, IN
Tue Sep 17, 2013
Even though the rates have gone up they are still good rates. It would be better to buy if you are able to.If you end up having to move you can keep the property and use it as an investment, rent it out. Right now you can probably buy a house cheaper than you can rent it.

Jim Linville
Associate Broker Carpenter Realtors
0 votes
Ryan Radecki, Agent, INDIANAPOLIS, IN
Mon Sep 16, 2013
Many would argue there has never been a better time to buy! Let me know if I can help!
0 votes
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