Staten Island Renting vs Staten Island Buying

Posted by Tom Crimmins Realty on Friday, March 18th, 2016 at 5:06pm.

The debate between which is the better option- renting or buying - is always at work. The truth is that both choices have their own advantages, and their own disadvantages.

Thinking About Your Wallet

Many people, especially recent college graduates, decide to rent, thinking that it to be cheaper. However, is not necessarily true. Both Staten Island renting and buying a property come with their own costs. Buying a house is strenuous, as well as expensive -the hundreds of thousands of dollars can be intimidating. Because of this, people continue to rent for longer periods of time, and delay buying their own home.

Food for thought - home prices may be frightening and discouraging, but you never have to pay the entire amount upfront although down payment varies. It is usually recommended for a down payment to be at least 20% of the sale price. Nowadays, there is an option for buyers to pay for their Staten Island home in monthly payments, or in smaller bi-weekly payments. Read more into FHA loans. These loans allow those with low incomes to buy a moderately-priced home and pay a much smaller down payment than usually expected: this can be as low as 3.5%. 

When you rent a living space, you have to pay an initial fee that covers the first and last month's rent. On top of that is a security deposit to the landlord in case of future damages. The deposit will be returned if the space you're renting is in good shape at the end of the lease. While homeowners pay for home insurance, renters have to pay for renters insurance to protect the property if any loss ever occurred.

It's also important to think about your budget and how long you plan to stay in the property.

Quality of Living

When you buy a Staten Island house, you have the ability to renovate and personalize however you like. When you're renting, however, you do not have the luxury of doing whatever you desire with the space. When you're renting, you must ask the landlord for approval, or a board depending if you're living in a building. 

Think about security. You'll feel more secure in owning your own Staten Island home to stay in for as long as you like. Renting involves a contract - agreeing to a period of time you can stay there. Even after the contract period is expired the landlord might find a new tenant to stay rather than giving you the opportunity to resign.

Without a doubt, it is the time to buy! Rates are at an all time low as well as home prices.

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