5 Questions to Help Determine if it’s Better to Buy or Rent in Charlottesville?

Is it better to buy or rent in Charlottesville? It depends on what your goals are. Answer these questions first:

– How long are you planning to be in the Charlottesville area?

– Are you qualified?

– What are your life plans? (do you have kids? Plan to? Will you grow out of the space in under four years?)

– What would the house/house type you’re looking for rent for? What would its mortgage be? ie: if it would rent for $2300/month and the mortgage would be $1500/month, it might make sense to purchase. If the math works the other way around, you might be better off renting.

– Do you know where you want to live?

– Is stability important to you? Is knowing where you’re going to live for more than a year or two important?

If you’re new to the Charlottesville area and are planning to buy a home, please, please, please consider renting first. You’ll be a better educated buyer, consumer and client.

Note: Online mortgage calculators can only get you so far; when you’re serious about looking and possibly buying a home, it’s best to talk to a lender to get pre-approved.

* This post derived from our radio appearance on WNRN on 29 May 2011. It was a good show, and I recommend listening to the whole thing.

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