Renting vs. Buying a Philadelphia Home in 2016

Buying a home? Click here to search all homes for
sale


Selling a home? Click here to get a FREE home value
report

Should you rent a home or buy a home in the 2016 real estate
market? There are a few things you should consider when making this
decision.

First of all, you need to consider timing. How long will you be
staying in the area? If you will only be around for a short
period of time, it is probably better to rent so moving will be
easier when the time comes. If you are here for the long haul and
plan on sticking around, it is definitely always better to buy than
to rent.

Secondly, you need to know your mortgage options. How much house
can you buy? Are you more price-sensitive or interest
rate-sensitive? We also need to know which down payment assistance
programs you are eligible for. There are state programs available
and most banks also have individual programs that will give you a
couple thousand dollars.

“

If you are staying in town for a long time, it is definitely
always better to buy.

”
I recently had a client who was paying $1,800 a month for a
rental. I found him a home with a mortgage payment of $1,200 a
month. Since he tripled his square footage when he switched from an
apartment to a three-bedroom house, he decided to get a tenant. The
tenant pays $600 a month in rent.

In other words, my client went from paying $1,800 a month to
$600 a month for housing! Not only that, he now gets all the
tax benefits that come with owning a home as well. His life has
changed dramatically.

If you are interested in owning a home, come by for a consultation.
We will show you the numbers and figure out what your options are.
If you have any questions, please don’t hesitate to reach out to
me. I would be happy to help you!