Should you Buy or Rent Real Estate in Virginia Beach, Norfolk, Suffolk, and Chesapeake Real Estate by the Numbers
Posted by Dennis Blackmore in Buyers, Main category, Real Estate, Tips, tags: Buyers, Real EstateOwning your own real estate in Virginia Beach, Norfolk, Suffolk, Chesapeake, or Hampton Roads allows you freedom.
You can paint the home, landscape the real estate as you desire, and build equity for future wealth.
Below we continue our discussion on “Real Estate by the Numbers” for potential home and condo buyers in Virginia Beach, Chesapeake, Norfolk, Suffolk, and Hampton Roads.
Do you rent your home, condo, or townhome?
Many people do and it is just fine for their particular situation. They may not want to move, do not desire to
stay in a particular geographic location, or just do not want the responsibility of real estate ownership.
Our last article Eleven Buyer Mistakes to Avoid When Buying in Virginia Beach-Chesapeake touched briefly talked about ways to ease the experience of purchasing a home.
Many others realize they are continuing to pay someone’s mortgage and want to change their long term financial situation. A few things to think about why buying a home may be more positive than renting:
Homesteader or transient: Are you going to be in the same location for 3-5 years? If so, home buying may be the best option for you.
Check this tool out to see if buying is in your future.
Taxes: Home owners do enjoy deduction of mortgage and property taxes. This could benefit your situation.
Cost of Housing: If you obtain a fixed rate mortgage you know what your payment is going to be for the
length of the loan. Rent will probably increase yearly.
Home Mortgage Interest Rates are historically low. That makes it a good time to consider purchasing real estate.
You decide: As the owner, you decide on what improvement or changes to make to the home. The
freedom to paint, remodel, build, or whatever is a powerful item. You are in control as the “Landlord”.
Equity and Wealth: Those home owners that keep their real estate for the long term have accumulated
wealth. Real Estate should be considered as one item in your long term investment portfolio.
Intangibles: Pride, family, let your dog go anywhere in the house, schools, playground for your children.
Stay tuned for the next installment - Know Your Wants and Needs.
See how your REALTOR® provides value and represents your interests only whether new construction or resale.
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