Here is an excellent blog post by a real estate agent in New York City, discussing the eternal topic – should you buy or should you rent.
Don’t get caught up in the whole debate right now that is going on about the nationwide housing market. If you plan on owning for medium to long term, let’s say at least 4-5 years, then you should seriously consider buying over renting as the tax benefits, equity building, and ultimate price appreciation over the longer term will more than make up for any short term pain you might endure knowing that your house is worth a bit less than what you paid for it.
WHO CARES! You’re NOT planning on selling! You need a home to live in! And you can afford to live there comfortably! Who cares what the short term price fluctuations are for your home. And to boot, rental prices are at a peak after rising for the past 3 years straight! Rental inventory is so low right now that it is almost guaranteed that you will wind up settling for an apartment you don’t really like, in a neighborhood that wasn’t your first choice, and at a price far higher than you first thought!
Maintain your investment focus so that you can make clear, transparent decisions that suit your own needs best! Some of these include:
Read on for the arguments for and against buying. Really good stuff.
Source: Holding The Crystal Ball – UrbanDigs.com
** When bloggers start quoting other bloggers, we’re all in trouble. Where will it end? Eventually, there’ll be NO original content out there!