Are You Better Off Renting In Northern Virginia?

Dated: April 1 2016

Views: 33

What should you do in Northern Virginia: rent or buy? This is a broad question, but I would like to share some insights to help you make a conclusion that’s best for you. One of the best ways to find the answer to this question is to answer a few others first.

 

  • How long do you think you’ll stay in the home? If you’re only planning on staying in the home for two or fewer years, it may be best just to rent. It really depends on what your plans are for the future.

  • What is your price range? If you’re planning on moving out of the area in the next few years, buying probably isn’t the best option even if home prices are appreciating. By the time you account for the cost of buying and the cost of selling, the math of it just doesn’t make sense.

  • Do you know what the right area is for you? If you do plan on living in a home for a prolonged period of time, you need to identify an area you’re comfortable living in. Buying gives you great benefits and tax deductions, but those will only be worth it if you’re not moving all the time.

 


“Whether you should rent or buy is ultimately up to you!”

 

 

The fact of the matter is that there is a break-even point between mortgages and rents. It’s typically around $400,000, but to explain that more and to get into more details, we would need to sit down with you, get a lender involved, run the costs, and help you make the decision that is right for you.


If you have any questions about this or any other topic, please don’t hesitate to reach out to us. We would love to hear from you!

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Kim Barber

Buyers - Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. When making the type of investmen....

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