Are you better off renting or buying in the new year?
You’d think that us Realtors’ answer to this question would be, “Of course you have to buy a house!” However, that’s not always the case. We’re here to provide the public with solid advice—whether they use our services or not.
That being said, there are a couple of things to consider when making this decision.
If you’re going to be in the area you intend to live in for a short period (two years or less), you’re better off renting because homes appreciate slower in Northeast Ohio than they do in most of the rest of the country. Keep in mind, though, that rentals in our area cost an average of $1,200 per month, so if you rent at that rate for three years, you’d lose at least $43,000. Very rarely do homebuyers lose out on $43,000 if they have to sell in three years.
Also, if you don’t qualify for a mortgage, finding a practical rental is a great option, too. This will allow you to save money and improve your credit score.
You may have other reasons to rent instead of buy, and we’d be more than happy to discuss those with you if you’d like to talk more about this topic. We always want to tell you what we feel is best based on our experience and your situation.
As always, if you have any other real estate needs, feel free to reach out to us as well. We’re here to help.