Short term job promise_ should I buy or rent?
By Mim Heisey
(Hale Real Estate)
May I answer by asking you a few questions that you ought to consider before making a decision? 1) What is available to rent here in this aera that you would consider living in? At what rent $$? 2) How does rental cost compare to monthly costs on purchase of a similar property? did you factor in the tax benefits of homeownership? what about the closing costs of buying --spread over 2, 3 or 5 years? 3) Is your employer subsidizing your move? paying some or all of your closing costs? If they are, will they make a lump sum settlement to you if you do not buy, or is that money lost to you if you rent? 4) What is your risk tolerance? If it is not high you may consider rental more favorable, even in a stable, slowly increasing market. People who make the decision to buy in this market may lo...