Most of the townhouses at Congers Creek are being purchased by homeowners, but some are being purchased by investors as rental properties... which means you will likely have the opportunity to buy or rent at Congers Creek in the near future.

Let's see how those two options compare...

RENT = $2,000 / month.  The rental rates I have seen thus far at Congers Creek range between $1,950 and $2,200 per month.  These rental rates are for a three level townhouse with a garage and (finished or unfinished) bonus room.

BUY = $1,785 / month.  With a 90% loan, buying such a townhouse apparently may cost as little/much as $1,711 per month assuming a $300K purchase price and a 5.25% interest rate... and when we add the $75/month association fee, we get to $1,785.

Principal Reduction of Mortgage over 5 Years = $21,196

As you can see, this builds a somewhat compelling case for buying instead of renting if you are going to be living in this potential townhouse for the next five years.  A few other factors to keep in mind....

• Your cost savings will potentially be even greater than outlined above based on your tax savings you will see each year because of having paid mortgage interest.
  
  
• The analysis above does not factor in your closing costs when buying.
   
• Your purchase price could end up being higher than outlined above if you choose to upgrade your townhouse during construction.
  

If you are renting a townhouse now, but suspect you will be living in Harrisonburg for the next five years, let's chat about what could make the most sense for your housing situation... at Congers Creek or otherwise.

  

P.S.  I represent the builder at Congers Creek.