Buying vs. Renting

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Make a list of your priorities before you begin to shop around. What size, price and type of home do I want? Where do I want the home to be located? What features are absolutely necessary? Will I consider extra features that would be nice to have, but not essential?  Then contact us and we'll help you find what you're looking for.


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Should I Buy or Rent?


Five questions every potential buyer should ask

WASHINGTON, D.C. – It may be a “buyer’s market,” but current fluctuations in the economy and the housing market can

complicate the decision whether to buy a home or rent. How do you know what’s right for you?  Potential buyers should

ask themselves several key questions before making this important decision. 


  1. What will monthly costs be, and can I afford the payments? Keeping mortgage payments under 30 percent of your gross monthly income is a good rule of thumb. If you can’t keep mortgage payments to less than that percentage, you may be better off renting for awhile.

  2. What other debt do I have? Total rent or mortgage payments plus credit obligations should not exceed 45 percent of gross monthly income.   

  3. What is my credit score? Can I qualify for a good interest rate? A high credit score indicates strong creditworthiness, and that qualifies you for better interest rates on your loans – whether they are mortgage loans or
    credit card loans. Maxing out on your credit lines and paying bills late will lower your credit score. The impact of your credit score on an interest rate can be significant. For instance, a borrower with a score of 760 could pay
    three percentage points less in interest on a mortgage than someone with a score of 580. Lower interest rates also mean lower monthly payments. If your credit score is low, you may want to delay buying a home until you can
    improve your score.

  4. How much will taxes, monthly maintenance, or other fees cost? Owning a home means you’ll have to pay real estate taxes and other carrying costs like insurance and maintenance. On the other hand, owning a home brings big tax savings at the end of the year.  As a renter, the owner pays those costs for you. 

  5. How many years will I stay here? Generally, the longer you plan to live someplace, the more sense it makes to buy. You’ll build equity in your house and its value will increase over the years.   

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Should I Buy or Rent?