RENTING VS. BUYING

Many purchasers are determining whether to buy a home or rent.

According the USA Today, there is a formula which helps determine whether it is best for you to rent or buy. Of course, it is not always right, and I found it interesting and wanted to share with you.

The ratio is determined by multiplying the rent times 12 months and dividing that number into the average list price. As you may or may not know, the average list price is ALWAYS available on my web site, and if you can’t find it where you are, contact a REALTORS office and ask them for the number. A low ratio indicates that it’s less expensive to own than to rent.

Then your own personality enters into it too, with rent you don’t have to deal with maintenance, with ownership you have to pay to replace items, like an roof and that can be very expensive.