I get asked this a lot as a local Realtor here in the Tri-County and especially of those transplants from the Northeast (which I am one of). Just a side note - how long must one live here before the term Transplant is no longer used? I've been here 10 years - is that long enough? OK -back on track! When I get asked rent or own my initial question is the same, "What is your long term goal." Even despite my loss of a pay check there are times I recommend renting because it's better for the client. So, what are some of the reasons to rent and not own?
1. If you are only here short-term for a job
2. I think it's a great idea to rent for 6-12 months before investing in a home to learn the area. Some locations or more family oriented and some are more single oriented.
3. It definitely depends on the market. With interest rates so low right now you can save a ton of money over the next 15-30 years in payments. Interest rates are going to go up after the election (My prediction) so it would be a financial advantage to purchase now rather than rent. Also, our rental markets are really hot right now so rent prices are some of the highest they have ever been.
4. If you just don't want any maintenance or lawn care then maybe renting is a good option. Of course you could also buy and pay someone but many complexes now have pools, gyms, tennis, etc and some people find value in those.
Here is a great short video link about renting vs buying.
Call me if you have questions on buying or renting...or about any real estate question.
Who do you know looking to buy a home, sell a home or invest in real estate? I love referrals!
Jason
843.696.86278
Jason,Gregg@kw.com
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