There are so many variables that can influence your decision to lease a home or purchase a home. How long do you intend to live in the home or area? How much money do I have to put down on a home? Are there low down-payment financing options available? Can I afford upkeep and maintenance of a home that I own? Am I able to enjoy tax benefits from owning a home? How much are rental rates rising in my area? How much are home prices rising in my area? What is the monthly cost difference between renting a home and owning a home? All these are important questions to ask when deciding on which is best for you, purchasing a home or leasing a home. I have found a great article and interactive tool that can help you determine which is best for you. Please remember that there are extremely great low down payment financing options available for buyers today and low interest rate options for buyers today as well. There are also great new or newer low maintenance home choices available too. Check out this tool and let me know what questions I can answer regarding the market and your specific requirements and situation.
In my findings, the average family stays in the same home for 5 to 7 years. If you are planning on staying in the area that long, then it is most likely better for you to purchase a home and build your equity. If you are planning to stay in the home or area for 2 years or less, it is most likely better for you to rent. If you are planning to stay in your home or area for 3 to 5 years, a closer evaluation of the market and home availability are justified. Please reach out to me so we can best determine what options best fits your needs.
Northern Virginia REALTOR®
Check out Carolyn's Top Picks!
There are so many great choices for home buyers these days. Here are a few of our current clients' favorites! Have a favorite area of Northern Virginia? Feel free to let us know. We may include it here soon as well!