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Should you Buy or Rent in Ann Arbor, Michigan

Buy or rent in Ann Arbor, MI ???? Should you buy or rent if you are moving to Ann Arbor or the surrounding areas in Washtenaw County ? We get asked that question frequently.

The answer is "it depends on your individual circumstance".

One of the first things to ask yourself is, How long will you be living in Ann Arbor?

In the past it definately made more sense to buy, but now it really depends. If you are a Medical Resident and will only be here 3-4 years, then perhaps renting is the best option. Do you have a dog, that needs space to run? All of those personal decisions should enter into your decision.

Here is a mortgage calculator that you can play around with. Put in what it will cost you to rent, and along side of it put it the monthly mortgage payment. You can add in the interest rate you have been quoted, and the cost of selling the house in the year you plan to move.

The mortgage calculator will calculate a report for you based on the information you submit. You can save it or print it out.

Home prices have never been better in Ann Arbor, so if after doing the research you can begin your home search here, to see all the homes on the market throughout Washtenaw County. You'll be happy to see the houses with Google Satellite Images, Google maps and multiple photos.

You can also find rentals, listed through the Ann Arbor MLS.

***Renting vs Buying is a personal decision, and it is always best to speak to qualified professionals about your financial decisions.***

Posted by Missy Caulk-Ann Arbor- Realtor(R)- Ann Arbor Real Estate on 07/13/2008 06:44 PM

Comments (11)

rent vs buy, ann arbor, washtenaw county, localism

Originally posted at: Ann Arbor Undressed : Should you Buy or Rent in Ann Arbor, Michigan

This post has been included in Michigan Information Washtenaw County, MI Information Ann Arbor, MI Information
Post is included in group: Posts to Localism

11 Comments on Should you Buy or Rent in Ann Arbor, Michigan

JUL

2008

Hi Missy. Great post.

Ken

Hope all is great with you and yours. The prices are just at the right point folks...BUY NOW, talk to us. We will help you with all if it.

nice blog missy! I enjoyed it!

Good to start the thought process. Buying long term will be the way to go but as you said the decision is with the buyer.

I guess "they" would have to decide what they wish to receive from the transaction. I've met people who feel if they have to stay for more than two years they want to buy, and I've met people who only rent no matter what. One particular couple was paying more in rent than most people pay in their mortgage, yet they refused to purchase a home (although they had more than enough for a down payment). You make very good points and I enjoyed your post.

The renting vrs purchase discussion is not always a factor about money, though it is hard imagine not having that as a main criteria. I really enjoyed this Missy and it is a perhaps the a reflection of what you saying as we get prepared for the more localism and how the posts will differ in content.

Missy.... this is a great post because no matter what kind of market that we are in, you don't see many realtors who would say that it might be better to rent than to buy, depending on your situation and or your goals. Nice job,,,,

jeff belonger

JUL

2008

Missy - renting has become more of a consideration in our area, too - and it definitely depends on the individual, which is where our counseling comes in. When you can rent a downtown luxury condo with a great water view for $4,000/mo and owning it would cost $1-$1.5 Million with monthly costs for property taxes and condo fees at $3,000/mo - hmm. Some European condo owners who get here only for a week 2-4 times a year are also considering staying at the Renaissance Vinoy hotel vs owning a condo a block away.

Missy unless the market is still one the way down or the buyer is going to be there for a shot period of time where they would not be able to re-capture the cost of selling, it still makes the most sense to buy. The tax advantages of owning a home will out way renting at least from a finacial stand point.

The other question of course is which neighborhood you want to live in - some nice neighborhoods have a mix of rentals and owner-occupied, and others are primarily owner occupied. Location location location....

I am lucky enough to live on a block where even the renters want to stay near by when their lease is up! A couple of folks have moved just down the block. Of course it helps that we have the sort of neighborhood where if you want to borrow a stepladder or an xmas tree stand in July (for a movie prop) that you can send an email to the neighborhood mail list and get half a dozen offers in a few hours.

JUL

2008

Hi Missy, good and thoughtful post. Renting could definitely be an option these days ... especially if the buyer doesn't plan to stay for a few years. ;-) Too, if they've not been in the area and want to get to know the neighborhoods better. Rent is a great option.

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