Is it better to buy or to rent?
Buying a home can provide stability and the potential for long-term financial gain, but also requires a significant upfront investment and ongoing expenses such as mortgage payments, property taxes, and maintenance costs. Additionally, owning a home can limit your flexibility and mobility if you need to move for work or personal reasons.
Renting on the other hand, provides more flexibility and lower upfront costs, but you may face rate increases and have less control over the property. Additionally, renting does not provide the potential for long-term financial gain that owning a home can offer.
Ultimately, the decision to buy or rent depends on your individual circumstances and priorities. It’s important to carefully weigh the pros and cons of each option and consider factors such as financial situation, lifestyle and future plans for making a decision.
Johnsmortgagecalculator.com estimates the costs at closing and the monthly payments that include tax and insurance estimates. This can be a useful tool in helping you make a decision between buying and renting.
By entering information such as the purchase price of the home, down payment amount and interest rate into the calculator, you can get an estimate of your monthly mortgage payment including the cost of the property taxes and homeowners insurance. This can help you determine if you can comfortably afford the monthly cost of owning a home.
Additionally, the calculator can provide an estimate of the closing costs associated with the purchase of the homeownership and compare those costs to the cost of renting. However it’s important to keep in mind that the calculator provides estimates and does not take into account all of the variables that may affect your financial situation. Be sure to call or email John or George and we can help you with all of the inputs on the calculator, so you can get a complete picture of the costs and benefits of buying versus renting in your specific situation.
The picture above is a buy vs rent comparison that is based on historical data specific to Jefferson County. Call John or George
to receive your free buy vs rent comparison. Maybe it will show that it is better to rent, maybe not
John Marbury - John.marbury@colonybank.com / 205-266-5669 / NMLS# 740833
George Kontos - george.kontos@colonybank.com / 205-876-7484/ NMLS# 242754
For updates, mortgage calculators and online application go to: https://www.johnmarbury.com/
NMLS # 408873
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