Lately I'm asked that question often. If your rent would be $1,000 to maybe $2,000 per month, renting would be OK. But in Pinecrest, at this time, the average rent is $5,000 per month. When clients ask me whether to rent or buy, first I ask them if they plan on staying in the area for at least two years. If they are, I let them know that a years' lease will cost them $60,000.
When you take into account what leasing will cost and the tax advantages of owning your home, it usually makes financial sense to buy - even if the market goes down a bit more, you will probably still come out ahead. And who can put a price tag on the pleasure of home ownership!
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1 comment:
I thought for sure we wanted to rent, but now I'm not so sure. I'll call you in a few days.
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