Buying a Home in Dubin Ohio - The cost of renting verses buying - The Hetherington Team, Dublin Ohio Home Speciaists
Buying a Home in Dublin, Ohio or surrounding communities of Columbus, Powell, Upper Arlington, Grandview, Hilliard, Worthington and New Albany
Renters trying to make the move in 2015:2016
In August, the cost of renting an apartment increased almost 4 percent from the same time period the year before, causing many rentors to contemplate buying verses renting. Rising rents make it tough for first time homebuyers to save for a downpayment because in many cases, the cost of rent is going up faster than their wages. Everyone's situation is different, and you have to decide yourself what is best for you, but the general rule of thumb is, if you are going to be in an area more than 3 years, buying a home is definately worth considering. The average first time homebuyer that we work with is paying between 1,000 and 1,200 dollars a month rent. Over three years, the cost of renting is between $36,000 to $43,000. If you've just landed a new job and not sure it will work out......by all means, keep renting! But if you're fairly sure this is where your future is, it may be worth your while to plant some roots and buy a home. One of the key factors to consider is where you want to live. Ask your agent to pull data from 1, 5, and 10 years back so you have a good idea of how that neighborhood is trending. The good new about buying in a developed area, is that there is plenty of data to give you a strong indication if the housing market will likely keep trending upwards. Some places have seen enormous growth in appreciation, while other neighborhoods continue to see a mild, but steady upward tick in values. Start with a location you like, then have your agent review the sales stats with you. If the neighborhood if flat or just trending mildly, you might want to consider shifting focus to another part of town. Schools are usually a good driving force behind values, but there are some neighborhoods around Columbus: Clintonville and the Short North to name a few, that are worth investigating. If you're considering buying verses renting, give us a call! We specialize in Dublin, Powell, Columbus and the surrounding communities of Upper Arlington, Grandview and Worthington. Call/Text us at (614) 284-8622 to set up a time to talk!