the full print edition
|View Property Transfers|
NH homes for sale
Towns & cities: |
♦ REAL ESTATE
♦ HOME SERVICES
Realtor Q and A: If staying 5 years or more, look at buying
Q.: Given the current economy and real estate market, is it better to rent right now or to buy a property?
A.: There are a lot of “Rent v. Buy” interactive calculators that you can find on various websites that will allow you to plug in variables such as your current rent per month, the sale price of the potential home you are considering buying, property taxes, your planned down payment, the current mortgage interest rate and your own timeline for your next move: three years, five years or longer.
These software applications are designed to give a general idea of whether it's a good time for one to buy a home or continue to rent. They have assumptions built into the software such as average closing and settlement costs and the average tax bracket and income of the average buyer. It's a pretty general analysis and after playing around with several of them, it seems that the recommendation that came up most often, based on the (local New Hampshire) variables I used, indicated that five years was just about the timeline that it made sense to buy rather than rent. In other words, if you plan to stay in one place for at least the next five years, then buying a home rather than continuing to pay rent was advisable.
It is largely a function of the lower prices of homes and the interest rates these days, which make ownership so much more affordable compared to renting, particularly for those who do not plan to move any time soon.
Many other factors, however, should be part of the consideration, including job stability, lifestyle and saving habits, to name a few. Even if you don't plan a move in the near future, is your job one that is likely to be moved out of state or even downsized out of existence due to technology or some other factor?
If you are a two-person household, can you make ends meet on a single income if you had to, at least short term? Will you still be able to contribute to savings and retirement plans after buying the property or will you be forced to live pay check to pay check even if there is no interruption in your income? Are you prepared for the commitment that owning a home involves; i.e., repairs and ongoing maintenance to keep the property in good condition?
These are all considerations, but we have only touched on a few of them. Your professional Realtor will be able to offer you a lot more in your initial meeting.
If your basic plan is to move in and stay for at least five years, then it's probably a really good idea to consult a Realtor as it may never be a more opportune time to become a homeowner than it is right now, in 2012.
After all, you have to pay to live somewhere, right? It may as well be your own place.
This information has been provided by the Greater Manchester/Nashua Board of Realtors in conjunction with the New Hampshire Union Leader's Advertising Department. Any questions about the content should be directed to the realty board at 166 S. River Road, Bedford, N.H. 03110 or by e-mail to email@example.com.
Following a lengthy public hearing Wednesday evening, the Londonderry Zoning Board of Adjustment unanimously rejected several variances for a 288-apartment work force housing complex.READER COMMENTS: 0
The New Hampshire Executive Council on Wednesday postponed a vote on property restrictions that would have allowed a Manchester condominium complex to build docks on the Merrimack River.READER COMMENTS: 0
The Board of Mayor and Aldermen on Tuesday gave final approval to redrawing the zoning map to allow the construction of multi-family residential housing on two parcels on Hackett Hill that had been...READER COMMENTS: 0
Raymond selectmen rescinded a vote to place 145 acres of Flint Hill as a deed restriction and put it in a conservation esement instead.READER COMMENTS: 0
A conflict raging at a Manchester riverfront condominium complex over docks, eagles and missing paperwork is scheduled to be played out in two public forums this month.READER COMMENTS: 0
The Planning Board is considering bringing forward an amendment in March that would limit building heights in the town center to three stories or 45 feet.
Home & Garden
Home & Garden
Following a tour of the Villa Augustina School on Mast Road on Saturday, the Goffstown School Board has decided to not pursue purchasing and renovating the former Catholic school to address growing...READER COMMENTS: 0
Members of the Goffstown School Board, School Administrative Unit 19 Superintendent Brian Balke, and town residents toured the closed Villa Augustina School property on Saturday, hoping to get a...READER COMMENTS: 0
Professional decorators share a glimpse of this year's high-end holiday trendsREADER COMMENTS: 0
The Goffstown School Board continued discussions on Monday night about the possibility of purchasing the former Villa Augustina School campus to address growing space needs in the district.READER COMMENTS: 0
A hobby became a passion and a career for the photographers HudnallREADER COMMENTS: 0
A parcel on the north side of the 170-acre property is under agreement for a sale to local developer and restaurant owner Joseph Faro.READER COMMENTS: 0
Decorations help set the tone for most people's holiday experiences, which serves as the backdrop for two very unique and different events — one brand new, the other well into its fourth decade...READER COMMENTS: 0
While driving to school with my daughter, we spotted one of those ancient television sets on the side of the road — the kind that worked not only as an entertainment center in the '60s and '70s...READER COMMENTS: 0
Overseeing Salem's community gardens at Hawkins Farm has come with its share of challenges over the past several years.READER COMMENTS: 0
There will be no second hearing on a variance that would allow a senior housing development to be built on the property of a Pond Street mausoleum.READER COMMENTS: 0
Diane Paul, 52, is a self-taught leather artist whose repertoire includes everything from sleigh bells to stick horses. She does everything by hand — everything.READER COMMENTS: 0
The Planning Board has granted conditional approval of a 16-unit senior housing project off Pleasant Street.READER COMMENTS: 0
The issue came up recently when residents of the Deerfield Street subdivision wrote to selectmen asking for help in getting their road completed.