There are many considerations when evaluating Dover NH renting vs. buying, and it may differ depending on the real estate market and your personal situation. This article is an analysis of renting Vs buying Dover NH properties so that you can make an educated decision on which alternative is beneficial for you.
Dover NH Renting Vs. Buying
Renting Dover NH Properties
Renting is a better alternative if you do not plan to live in the Dover NH neighborhood for more than 5 years, are uncertain about job security, have poor credit standing, or basically do not want to manage the upkeep of a residence. Unless the Dover NH real estate market is hot and/or on a rapid upward trend, it traditionally takes five or more years to build equity in a piece of real estate. If the market is on a downward trend or you are uncertain about how long you plan to to keep a home, renting could be the better option. Job security is another factor. If you rent in Dover NH, you can adjust to the losing of a job by changing to a smaller rental and reducing recurring expenses. On the other hand, a mortgage is not as easily modified. If you have poor credit, that can lead to higher monthly mortgage payments, making purchasing a home a less appealing option to begin with. Lastly, taking care of a Dover NH property takes significant time, energy, and financial resources. There are routine costs related to property maintenance. You may conclude that taking on those tasks are not desirable or not realistic for you.
Buying Dover NH Properties
Purchasing Dover NH properties has many advantages such as possible tax deductions for mortgage interest and local taxes, creation of equity over time, and ability to change your home features. In most cases, buying a home costs as much as or less than renting. If you intend to live in Dover NH for a lengthy period of time, real estate ownership also historically builds equity for a beneficial return on investment. A declined market is a great opportunity to purchase since listed prices are reduced and the promise of increasing values is higher. Finally, purchasing real estate allows you to customize the space. You can switch your appliances, flooring, fixtures, and other amenities to create a personalized and comfortable space. These perks make home ownership very appealing both personally and financially.
Analysis Of Renting Vs. Buying Dover NH Properties
When considering Dover NH renting vs. buying, estimate the cost of renting vs. buying
(based on current home prices and interest rates). When home prices decrease, rental rates do not automatically follow so a low real estate market may be the opportune time to purchase. The above analysis of renting vs. buying Dover NH properties is offered as a general overview. Before making a decision, speak with a real estate professional for up to date details on the real estate market and a mortgage professional on interest rates and possible payment amounts. Only with accurate data can you make an informed decision on renting vs. buying in Dover NH.
About the author:
This Dover NH Short Sale
article was created by Dick Cook. Dick is a realtor with over thirty years experience
working for customers in the Granite State. Specializing in Senior Real Estate Services, Dick covers the NH Seacoast & Lakes Regions, servicing the following communities and many others:
Dick blogs about NH Seacoast & Lakes Region
real estate and can also be found online at SeniorLivingNH.com
, offering a wealth of information and resources on downsizing, rightsizing and relocating for the NH Senior Community.