Today, I want to answer two common questions I hear from buyers and sellers, respectively.
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Today, I want to talk about two questions people ask me all the time.
The first question is one I often hear from buyers, which is: “Is buying a home the right thing for me?” And the second question, which is something sellers tend to ask me, is: “If I can’t sell my house, is renting a good option?” Let’s start with the first question.
*Contrary to what you might expect me to say as a Realtor, buying a house isn’t right for everyone. There are many situations where people are simply better off renting. The first factor you should consider if you aren’t sure whether buying is right for you is your time frame.
If you’re planning to be in a home in the Capital region for less than four years, you’re better off renting. Closing costs in New York state are the highest in the country, which means it’s very difficult to make them back in a short time frame.
Another indicator that you’re better off renting is if you are risk-averse. If you aren’t sure about your employment stability or don’t have cash reserves saved up, you may want to rethink buying a home.
“BUYING A HOME IS A GREAT OPTION FOR PEOPLE WHO HAVE THE TIME AND MONEY TO MAKE SUCH A COMMITMENT.”
Things happen. Your boiler could blow up a week after you move into the home. If you aren’t prepared for these possibilities, renting might be the way to go. The same can be said if you are someone who travels a lot.
On the other hand, buying a home is a great option for people who have the time and money to make such a commitment.
Now, let’s move on to the second question. Should you rent a home if you’re having issues selling it?
In my experience, more people are moving out of the Capital region than are moving in. Wanting to pay down your mortgage and let the house potentially appreciate is not a good enough reason to rent out your property. This is particularly true if you’re moving out of the area.
I have seen first-hand the devastation tenants can do to a home when their landlord is long-distance. Chaos can befall you when you leave your property in the hands of another person. Renting is just prolonging the pain of the sale. Generally, you are better off just selling your home and moving on.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
