Many Renters may not realize that today’s low mortgage rates may mean that owning can be cheaper than renting!
If you are currently renting your home in the Boston area, consider looking into purchasing a home. You may be surprised to find that your monthly mortgage payments will be less than your current rent. Trulia’s Rent versus Buy index for the Summer of 2011 compares the costs of buying or renting a two bedroom apartment, condominium, or townhouse in the USA’s 50 largest cities. Boston was categorized as “less expensive to rent, but may make more financial sense to buy.” This is good news for renters and buyers. Yes, rents are not bad in the Boston area, but the index implies that for many renters, buying now is the best option.
Also keep in mind the long-term differences between renting and buying. Rent is paid to your landlord and that money is gone; Mortgage is paying back a loan to slowly buy back your home, so that value remains yours. While it may even be possible for many renters to lower their monthly payments if they switcht to a mortgage, even a slightly higher monthly payment is probably worthwhile in the long run. A house is one of the most reliable, stable investments that can be made.
Jack Conway Realty has begun a campaign to educate Boston renters about all of their options before they renew leases. Many renters do not even consider the option of buying their next home. For more information regarding today’s unique real estate market setting and your options relating to buying vs. selling, check out the Conway Renter’s Challenge or contact a Jack Conway Realtor today!