Should you buy or rent a Long Island real estate home property? To answer the question, you have to examine the pros and cons of buying or renting a house.
Buying a House in Long Island
Buying is cheaper than renting. However, it all depends in many factors such as length of stay, mortgage rates, and taxes.
Pros of Buying
You have an investment that you can sell any time in the future. In case, you will not need the house anymore. Alternatively, you can rent it to someone else if you no longer want to live there. You can renovate the house the way you want it.
Cons of Buying
You have to pay Long Island real estate property tax. Property taxes in Long Island, New York are higher than those of any other part of New York. Your tax depends of the value, the location, and the improvements made to the house. For a property with a value of $250,000, you pay an approximate annual tax of $6,000 and more.
Renting a House in Long Island
Renting is a good choice if you are going to stay for a few years. It is also a good choice if there’s a chance you’ll eventually have to relocate. One thing to remember though, your rental fee should be around $2000 to $3000 to make renting a favorable one. If your rental fee is more than this range and you are staying more than two years, renting may not be a good choice.
Pros of Renting
You do not pay property taxes. You can leave the place without the hassle of selling the house, as long as you pay your rent on time. In addition, you do not have to worry about mortgage monthly payments and house insurance.
Cons of Renting
You cannot renovate the rented place since most of the rental properties are apartment style. You can only furnish it with furniture. A few property owners allow pet in their vicinity. Most often, pets are not allowed, especially in an apartment complex. So, if you are a pet owner, finding a place to rent may become a hassle.
How do you know whether to buy or rent a Long Island real estate house? You enumerated the possible advantages and disadvantages of buying or renting a house but you are still undecided. Consider these three factors in your final decision.
First, know your buying or renting goals. Answer the question: Why are you buying or renting the house, in the first place? Living in Long Island is great but without a definite goal, you might find yourself burdened financially.
Second, know the length of your stay in Long Island. Are you going to stay for good? If you are planning to stay for a short period, you might want to consider renting.
Third, establish your budget. How much are you willing to pay or rent for a house? You must have enough savings to buy a new Long Island real estate property. Approximately, you need at least two hundred thousand dollars to buy a respectable and comfortable house. If you do not have the budget, renting is your last choice.
Fourth, make a comparison between the costs of buying and renting a house. To make the good comparison between the two, you have to consider rental price increases, mortgage rates and taxes. Make a simple calculation. Create a comparison between Long Island Real Estate Property Homes that belong to the same neighborhood, tax ranges, insurance costs, and rental price ranges. Other costs as part of your evaluation are the initial costs such as down payment and rent deposit.
Whatever your decision, always consider comfort and quality of living, especially if you have kids who live with you. Deciding is a lot easier if you are living alone. You do not have to make considerations other than to live in a comfortable house that is within your budget, for more choice visit URL.