If the two have you have hitched your dreams to one star, then buying a home rather than renting could make sense, especially if you are living in southeastern Pennsylvania or northern Delaware.
Yes, mortgage rates are historically low, and yes, inventory is high, and if you plan to be around for another 5 years, then you could actually SAVE $$$.
Renting is really a short-term investment plan. Renting would be good if you plan to stay for 5 years or less.
Buying however; can mean a sense of financial security, as property, over time, appreciates.
With a fixed mortgage rate, there are no worries that the landlord will increase the rent.
It can be a smart move if you have a stable source of income, have good credit, and money to put down. If you’re handy, and have cash to spend on fixing a home up, there are plenty of short sales and REOs (bank-owned properties) .
As with any property you do need to consider property taxes, maintenance costs, insurance expenses, and homeowner association fees, if there is a home owners association. . The money spent in these expenses will never return to you. In most areas of Chester and Delaware counties, in Pennsylvania, right now, the tax assessed value pf properties can be appealed successfully, which means you could actually lower your property taxes in the future.
To weigh the pros and cons of your situation, give me a call for a consulation. We’ll work through whether it makes sense for you to rent or to take advantage of this incredible real estate market.