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Rent vs Buy in Vermont : Real Estate Advice

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Activity 2
Fri Apr 2, 2010
Tim Ambrose answered:
Hi Victoriavt,

I agree with Eva-maria, unless your profits exceed $500k you should be fine. That said, always consult your tax professional.

I hope this helps!

Tim
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Thu May 28, 2009
Mike Conroy answered:
Tim -
Buying shorter term (1 to 3 years) can be more complicated to answer than if you're sticking around 5+ years. With your down payment, you could buy a sweet condo for say $250K near downtown, monthly mortgage pymt of $1000 at 5% or so, and say $500/mo for tax and condo fees - rough numbers, but a good ballpark.

So the $1500 a month would look like that - not bad.

Complication comes in recouping your closing costs in a couple years, any realtor commissions you might pay then, offset by some tax advantages of owning in the meantime! Hmmm, what to do?

Usually - in our market - buy! My advice - best to look at what you might get for the money and compare that to what you get in your rental and see if that offers some direction. Bet it will. Let me know if I can help with that.
Mike
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