Buying vs Renting

Should someone who needs a home buy or rent in today's market? Buying and renting both come with their own sets of benefits and negative aspects, so the answer will vary for every potential homebuyer. Our agents specialize in helping first-time buyers determine the best time to buy. If unsure about the process, just present one of these experts the facts and he can guide you in the right direction.

Renting a home may be a good option. Those without a steady job or reliable income would do best to establish themselves before taking on the responsibility of owning a home. People who can't put their hands on much cash can rent while saving money. Although some loan programs do not require down payments, the more buyers put down, the better. Newcomers who plan on staying here for less than two years may find it easier to rent too. Residents who don't mind dealing with interiors they didn't select could be more suited to renting as well. Some potential renters have diversified investment portfolios. They may not need to worry with adding monetary gains made over the years from the equity of their homes.

Buying a home is a great choice for residents looking to find a more permanent residence while pursuing the American dream. While there are many perks of home ownership, probably the most common draw is buyers can live in a place that truly belongs to them. Equity is another huge factor because even though market conditions may rise and fall, the average home loan balance gets smaller every year as equity increases. The tax advantages of home ownership vary depending on individual tax brackets but in general, homes provide excellent tax shelters. Buyers desiring particular interior palettes will be well suited to buying homes, as they can customize their residences to suit personal tastes and styles. Families with many members, strange animals or unusual situations (in-home daycares, a parent with Alzheimer's, etc.) would do well to buy a home: rental leases often prohibit conditions that landlords deem potentially detrimental to a property.

Southeastern Virginia is a haven for American military personnel. Who should buy and who should rent? Again, each person will have a different set of circumstances and will need to look at individual needs. There are financial experts who recommend renting instead of buying if military members will be staying less than three years. Others recommend holding off buying until service members will be in the area at least five years. These numbers are all best guesses because in the military there are no knowns- only estimates. Figures are irrelevant to members who know they will be leaving but plan on renting the property before coming back to this area. Service members are also strongly encouraged to buy a home only in economically stable areas. This region continues to thrive partly due to the economic advantages given by the massive military presence. Whether they buy or rent, new residents will keep coming to Hampton Roads.