Should I buy or should I rent?
Scott P. Rogers
Yesterday's Daily News Record had a thorough look at buying vs. renting from a variety of perspectives. Here are a few (long-ish) excerpts....
HARRISONBURG — Chris and Kate Kelty had no plans of jumping back into the housing market a year after selling their townhouse.
The couple with three young children figured they’d remain renters for a few years while building back up money for a down payment.
Then they watched mortgage rates start plummeting. After a bit of number-crunching, the Keltys switched gears.
“We realized, oh, my Lord, it makes a lot more sense to start thinking about buying,” Kate Kelty said. “It was kind of a no-brainer.”
In August, the Keltys closed on a 2,500-square-foot home west of Bridgewater for $230,900.
Their mortgage is $1,300 a month through a USDA Rural Development loan. Kelty, 32, said that’s about how much renting a similar-sized house in the area would cost.
A good deal on a home in the county near Rockingham Memorial Hospital enticed Chris Foster, 25, to buy his first house in early October for $220,000.
His mortgage payments are about $200 more per month than what Foster shelled out as a renter, but he doubled his living space while adding a garage and a finished backyard.
“I had a goal all along to purchase sooner rather than later,” said Foster, a pharmaceutical representative. “This was kind of a perfect storm, so to say.”
Record-low mortgage rates have made buying a more attractive option for some renters. Interest rates on the average 30-year loan are hovering around 4 percent.
“It would be difficult for renters to not strongly consider buying a home,” said William Haithcock, chief executive officer of the Harrisonburg-Rockingham Association of Realtors.
Those were just some excerpts, so be sure to read the full article online if you have a subscription. Of course, as usual, buying doesn't make sense for everybody, but it is becoming a much more compelling option for many these days.
HARRISONBURG — Chris and Kate Kelty had no plans of jumping back into the housing market a year after selling their townhouse.
The couple with three young children figured they’d remain renters for a few years while building back up money for a down payment.
Then they watched mortgage rates start plummeting. After a bit of number-crunching, the Keltys switched gears.
“We realized, oh, my Lord, it makes a lot more sense to start thinking about buying,” Kate Kelty said. “It was kind of a no-brainer.”
In August, the Keltys closed on a 2,500-square-foot home west of Bridgewater for $230,900.
Their mortgage is $1,300 a month through a USDA Rural Development loan. Kelty, 32, said that’s about how much renting a similar-sized house in the area would cost.
A good deal on a home in the county near Rockingham Memorial Hospital enticed Chris Foster, 25, to buy his first house in early October for $220,000.
His mortgage payments are about $200 more per month than what Foster shelled out as a renter, but he doubled his living space while adding a garage and a finished backyard.
“I had a goal all along to purchase sooner rather than later,” said Foster, a pharmaceutical representative. “This was kind of a perfect storm, so to say.”
Record-low mortgage rates have made buying a more attractive option for some renters. Interest rates on the average 30-year loan are hovering around 4 percent.
“It would be difficult for renters to not strongly consider buying a home,” said William Haithcock, chief executive officer of the Harrisonburg-Rockingham Association of Realtors.
Those were just some excerpts, so be sure to read the full article online if you have a subscription. Of course, as usual, buying doesn't make sense for everybody, but it is becoming a much more compelling option for many these days.
