I get this question all the time. There is no simple answer, however there are some factors you can take into account that could help. Chris Melingonis and La Mesa Homes For Sale will list out for you the most important factors you should look at before deciding.
The choice between buying a home and renting one is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which is a better deal.
Here are some financial factors to consider
1. Home Price:
2. How Long Do You Plan To Stay:
3. What Are Your Mortgage Details:
mortgage rate, down payment, length of mortgage
4. What Does The Future Hold:
price growth, rent growth, investment return rate
5. Tax Rate: mortgage interest is high, but deductible
property tax, marginal tax
6. Closing Costs
cost of buying a home, cost of selling a home
7. Maintenance and Fees
maintenance/renovation, homeowners insurance, monthly utilities, monthly common fees, common fees deduction
8. Additional Renting Costs:
security deposit, broker's fee, renter's insurance
If you can figure out all these numbers and do the math, you can see which makes sense for you. Renting or buying with La Mesa Homes For Sale can be easy with the correct information.
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