Is it Better to Rent or Purchase Property?

The most commonly asked question in real estate: is it better to rent or purchase property? This question is entirely dependent on where you are in your life and where you can see yourself 5 or 10 years from now. To guide you along this complex decision-making process, continue reading to learn the answers to all of your questions.

How Will I Know If I Can Afford a House?

It’s easy to think that you’re ready to afford a house. This may sound like a walk in the park when only considering the mortgage payment. Yet, there are plenty of additional housing costs beyond the mortgage. As opposed to owning, when you rent, you’re paying the rent only. This means no property taxes, HOA fees, no checks to the landscapers, and other maintenance amenities. Maintenance costs for a house can be a lot. Whether you need roof reparations or need to purchase landscaping equipment, there are many different reasons for how surprise maintenance costs can negatively affect you, so be sure to consider this before you agree to buy property. If you believe that you have additional money set aside to cover these costs, then you’re on the right track to afford a home.

When is the Right Time to Purchase Property?

After the pandemic created waves for many people to move out of their city apartments and into suburban homes, many new properties were available for rent or purchase. If you have been debating or searching for property, now may be the time to buy. While the rates are not the best, you may find an ideal location near the city since many people moved further away. Blackstone Williams has plenty of featured listings available, so be sure to visit our website for more information.

Contact Us Today

If you want to learn more about the differences in purchasing or renting property, Blackstone Williams has all of the information to provide you with an answer. We will discuss your wants and needs and work alongside you to decide the best plan of action. To get started, contact us today by calling 617-421-4400 or filling out a contact form today. We hope to hear from you soon.