April 21, 2016 | In the News
Buy or Rent: Which Makes More Sense
If you’re trying to decide whether it makes more sense to rent or buy your next home, here are some things to consider. First, establish a baseline by determining average monthly rent in your area vs. what your expected mortgage payment would be (online calculators can help). Then factor in the additional expenses for each, like utility bills, monthly maintenance costs, HOA fees, etc. Take into account future increases – your rent could go up each year, and even a fixed-rate mortgage includes variables like homeowner’s insurance and property taxes. Finally, think about how long you plan to stay in your home. If it’s five years or more, buying is generally the better option.
If you decide that buying a home is the right choice for you, visit ColdwellBankerHomes.com or your local Coldwell Banker Residential Brokerage office for help getting started.