A decision that many first time buyers have in the Danbury area have if they should continue to rent or decide to own. With the average home or condo for rent in the city of Danbury around $2550 and the median around $1725 a month (per CMLS 4/8/08), renters are paying a quite large expense each month for shelter. If a person decides to stay in their $1800 a month rental for a 2 more years, while they figure out their situation, they still would have spent over $43,000. Even in New Milford, which is a more affordable marketplace than Danbury, the average asking price for a rental is just under $2400 a month with the medium of around $1200 a month (per CMLS 4/8/08). If you rent in the $1200 a month for 2 more years, you still would have paid out almost $29,000. Your rental helps your landlords built their wealth, not your own.For a neat tool rent to own calculator, click on the link :http://finance.yahoo.com/calculator/real-estate/hom-06

My general rule I tell people is if you plan on staying the area for three years or more, buying is probably the best option for you. As you read from before, renting is expense in the greater Danbury and Candlewood Lake area. In Danbury, the rental payments on most 2 bedroom apartments are close to what one would be paying on a mortgage for a condo or small house. The payments you would be making on your home plus the appreciation on the value would help you build equity. You can put your own style into your new homes by doing things like painting, floors and even knock down walls, build additions and more. Most landlords won't even let you paint walls and any upgrades.  It can also be difficult dealing with landlords for any things that need to be repaired.

You also get tax incentives for owning a home. You can deduct the interest you pay on your mortgage every year plus some improvements to the home. Talk to your tax professional to find out how owning a home will effect your tax situation.

Of course, there are some initial investments for purchasing the home. First of all, you'll have the upfront expenses of purchasing the home. These can include down payment, appraisal, home inspections, application fees, closing costs, home warranty, etc. There are several different financing programs available and a good mortgage lender can help find you a program that works best for your situation.  Once you own it, you are responsible for making the loan payment, having home owners insurance, and paying yearly property taxes plus any homeowner's association fees.

Once you actually own the home, you will be responsible for paying the loan payment, maintaining home owners insurance, and paying yearly property taxes. It is also a good idea to set aside money every month for repairs! 

Search for affordable condos and single family homes with listing book.

Happy house hunting!