Should you Continue Renting or Should you buy?
The Rent vs Buy Calculator is an excellent way to compare your current rent with a future mortgage payment.
The decision to go from a comfy maintenance free rental to a home ownership is a big one, but the rewards of owning a property generally outweigh the argument that the rental payments are cheaper. Though in the recent years sellers that have owned their place for maybe less then 5 yrs have lost money when they recently sold their place. You always have to remember anytime you are paying rent, you are also " losing money" . ie if you have been paying $1500 a month for the last 3 years. You would have lost 54,000 dollars that if invested in a condo may or may not have made you money when you sold it. The losses sustained by many owners have been less than a comparable rental for 3 yrs, Conversely I have sold units recently where the owners have profited. The point is now is a good time to buy while rates and prices are low. When you know you are going to be in the same area for at least 3-4 years. Buying a condo in a strong town like Hoboken is a pretty sound bet. At the very least you will be taking advantage of the many tax benefits that come with owning your place. If when doing your analysis you have questions,please call or email me at email@example.com.