Renting versus Buying Homes in Brooklyn

Before you start looking for homes in Brooklyn, you need to decide whether to rent or buy. Each of these options has its own advantages and disadvantages. You need to look at your situation and decide which is best for you.

To help you with that decision, here’s an examination of the pros and cons of renting and buying homes in Brooklyn:

  • Pros of Renting. Maintaining a home properly takes a certain level of time and commitment. When you rent, you are not responsible for the lawn, major repairs or maintenance. If you have to leave the area on short notice, you won’t be tied down to a home that needs to sell in order for you to move.
  • Pros of Buying. Because of low interest rates and house prices, many renters find that their current rent payments are similar to what their mortgage payments would be. Unlike rent payments, mortgage payments add up and create equity in your home. Additionally, owning your own home provides tax deductions.
  • Cons of Renting. The most significant con of renting is the fact that you get no tax deduction. If you have to move suddenly, you may have to pay extra money to break the lease. You may even have decorating restrictions, like not putting nails in the walls.
  • Cons of Buying. To buy a home, you will need a down payment, which can be difficult for some people to acquire. There’s also the possibility that you may lose money on the home if you have to sell it before you’ve built equity in it or if your local market declines in value. Also, it can take considerable time and money to maintain homes in Brooklyn.

After you’ve considered all the pros and cons, there’s one more tool I recommend to help you make an informed decision: Use a free online rent versus buy calculator.

If you’d like help deciding whether buying or renting is right for you, give me a call today at (718)253-9600 ext 206 or email me at [email protected].  I’ll put together some current home prices to help you determine what your house payments would be, and I’ll also help you figure out what you can afford.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

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