The
beautiful sights, calm and soothing environment of Rhode Island is an
attractive tourist destination and experiences a huge footfall every
year. Fascinated by the scenic beauty of the area, a number of people
plan to shift their base permanently to Rhode Island.
Buy or rent? Which is the better
option?
This can be a tough decision for Americans to go through when
they plan to relocate. Owning a home gives you pride, satisfaction,
and some attractive has tax benefits. In some cases, and
especially with the current low interest rates,
your mortgage payment, including taxes and insurance, can be less
than the current rental rates. Buying a home can prove to be a great
investment. Depending on your timing, you may see a return on that investment when you decide to sell down the road.
Renting can also be great option, as it
allows you relief from many homeowner expenses, and gives you the
flexibility of “trying out” a particular town or area. When you
are at a stage of life where your finances, career and living
standard may be in flux, then renting a house may be the better
choice. Renting allows easy moving and saves a lot of overhead
expenses like shoveling snow, lawn mowing etc. However, it's
important to keep in mind, you are paying off your landlord’s
mortgage and adding equity to his bank account, instead of your own.
A local realtor can talk with you about
current rental rates and what is available in the local
marketplace. A lender can talk with you about your credit score and
finances, determine your spending power, and whether you can
currently qualify for a mortgage. If the timing is not right due to
credit issues, they can help you formulate a plan to repair your
credit so you can purchase a home in the future.
The decision to buy or rent is a
personal choice, and dependent on your individual needs and financial
situation. By talking with local professionals you can determine the
path that makes the most sense for you now, and in the future.
As always, I would love to hear your additional thoughts, ideas, and comments.
Be well,
Rhonda
Be well,
Rhonda