There are several considerations when evaluating renting vs. buying, and it could differ based on the real estate market and your personal finances. The Information On Renting Vs. Buying Staten Island NY Real Estate below can help you make an informed decision on which alternative is beneficial to you. Renting Vs. Buying Renting Staten Island NY Real Estate Renting is a preferred decision if you do not intend to live in the neighborhood for an extended period of time, are uncertain about employment security, have poor credit, or basically do not want to maintain a residence.
Unless the real estate market is good and/or is rapidly increasing, it traditionally takes five plus years to see equity in a piece of real estate. If the economy is on a downward trend or you are undecided on how long you plan to stay in a house, renting could be the safer option.Job security is another consideration. If you rent, you can adjust to a job loss by changing to a less expensive apartment and thereby lowering recurring expenses. A home mortgage is not as easily reduced. If you have bad credit, that can result in higher mortgage rates, making purchasing a property a less appealing option to begin with. Lastly, taking care of a property takes time, energy, and money. There are general costs related to home maintenance. You may decide that taking on those repairs are not what you want or not possible for your lifestyle. Buying Staten Island NY Real Estate Purchasing has many perks such as potential tax deductions for mortgage interest and local taxes, creation of equity over time, and control over your amenities. In most cases, purchasing a home costs the same as or less than renting. If you plan to remain in the area for an extended period of time, properties also typically builds equity for a beneficial return on investment. A declined market is a great time to purchase since prices are low and the potential for increasing values is higher. Lastly, buying a home allows you to alter the space. You can change appliances, flooring, fixtures, and other amenities to create a unique space. These factors make real estate ownership extremely appealing both personally and financially. Information On Renting Vs. Buying Staten Island NY Real Estate Calculate the cost of renting vs. buying (based on existing real estate prices and mortgage interest rates). When home prices drop, rental costs do not necessarily follow, so a poor real estate market may be the optimal time to buy. The above information on renting vs. buying Staten Island NY real estate is meant as a general introduction. Before deciding what to do, contact a real estate agent for accurate details on the real estate market and a mortgage consultant on interest rates and estimated payment totals. Only with accurate information will you develop an informed decision. Please do not hesitate to call SI Premiere Properties at 718-408-1499, for all your real estate needs!