The choice between buying and renting a home is one of the biggest financial decisions that you can make. But the costs associated with buying are more complicated and varied than with renting, making it difficult to know which is the better option. Our Crown Realty agent can help you make the best possible decision based on your unique circumstances.

There are a number of factors to consider when making a decision to rent or buy. Here are a few:

  • How long do you plan to stay? If you are planning to move in a few years renting might make more sense.
  • Look at the market in your area; are rent prices high? If so it might make more sense to buy.
  • What Are Your Mortgage Details? Your interest rate and down payment will affect your bottom line.
  • How much are the property taxes? These costs can be significant but are also deductible, so you will need to look at the “big picture.”
  • Closing Costs. You’ll have to pay certain fees when you buy a home, as well as when you sell it.
  • Maintenance and Fees. Owning a home comes with a variety of expenses that renters do not pay directly. There a number of recurring costs: mortgage, property taxes, insurance, standard maintenance, home improvements and condo or neighborhood association fees if applicable. When you own your own home you must be able to cover expenses for unforeseen events that insurance will not cover, such as an appliance breakdown for example.
  • Additional Renting Costs. These are the costs on top of rent, such as the security deposit and other administrative fees. These expenses typically have a negligible impact.
  • Cash flow. Do you have the cash available for a down payment?

Whatever you decide, our team of experts can assist you in finding the perfect home to buy or rent. Contact us today to get started!

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