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Real Estate Rules Of Thumb: How To Decide Whether To Buy Or Rent A Home

Rent or buy? Joan Keating of William Raveis weights the benefits.
Rent or buy? Joan Keating of William Raveis weights the benefits. Photo Credit: Facebook

WESTCHESTER COUNTY, N.Y. -- Is it better to buy or rent a home? That's a question virtually all adults ask themselves at one point or another, especially around this time of year, as many consider their goals and plans for the new year ahead.

While both options have pros and cons, Joan Keating, a real estate broker with William Raveis, feels understanding career goals might be the most important factor when determining what's best.

“Having a guide of your career situation and where you think you will be in the next few years is vital information,” said Keating. “Life is unpredictable but having a general roadmap can help you make the decision to rent or buy a home.”

Historically, owning a home was a top priority for working adults, but recently there has been a swing of the pendulum. According to the report, "From Own to Rent" by real estate information site Trulia, the number of tenants who rent jumped from 39 to 43 percent between 2006 and 2014.

“This year has been all about the meteoric rise in the rental market,” said Keating. “The local rental market has seen a rise in pricing that has eclipsed all previous records."

This may be due in part to the flexibility that comes with renting. Renters have to option of staying put for few months or even years without paying much more than a monthly fee.

For those interested in buying, even after finding a great home, it's important to look at the cost to make sure it's financially feasible. Fees like mortgage insurance, loans, maintenance costs and other expenses can quickly turn a dream home into a nightmare.

“For many people, renting a home is a smart idea with a ton of benefits,” said Keating. “It’s all about looking for the best situation for yourself and your family.”

Find more information, contacting Joan Keating at (914-589-6552) or visit her website.

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