Making the Choice: Buy or Rent?
Buying versus Rentingby Daniel Terwilliger About Buying a HomeWhy should I buy a house?In today's troubled economic times, many wonder whether it makes more sense to buy or rent. There are many advantages to owning a home. Once you own it, it is yours to change, destroy, sell, etc. Over time the property value will increase. When you own a home, you get an increased feeling of stability and security. There is no landlord to maintain your property; you are the landlord. Homeownership brings increased feelings of stability and security. What problems should I know about?When you own a house, you can't call the landlord for repairs — you are responsible for your own maintenance. You must pay property taxes on a regular basis, and this can be a large amount, especially on the Main Line. If you can't pay your mortgage, it may result in loss of your property, credit rating, and down payment. You may also have less mobility than you would if you were renting, as it may take time to sell it before you can move. About Renting a HomeWhy would I rent?Renting a house is the act of borrowing a house for a set time with the agreement of paying over time (usually monthly). In renting, you may have little, or no responsibility for your maintenance. In other words, you can ask your landlord for repairs, but he may or may not take care of them in a timely manner. It is also easier to move from place to place which increases your choices of when and where to relocate. What problems should I know about?There is a possibility that your lease may not be renewed and so the landlord may take away your living space. And, although you pay every month, no property value is built up. The amount you pay for rent typically increases every year. Unlike a homeowner, you may not get any tax benefits. Which is better?Which is better really depends on your situation. If you plan on settling down for a while — living in one place for more than a year — buy a house. If you move around, rent. |
Main Line Communities
Compare Rental Rates |
This attractive contemporary home is for sale in north Villanova (Lower Merion Township) on a level one-acre lot. The home is near the estate section of Villanova. Houses on the street have sold for over a million dollars (house next door sold for 1.4 million). The lot itself is worth the asking price. This is a fabulous opportunity to get into the prestigious Main Line, in a multi-million dollar neighborhood with blue ribbon schools, for a reasonable price. House is close to numerous Septa stops (a 19 minute ride to center city), the 476, the 76, the fabulous King of Prussia shopping center and Villanova University.
» More Information...
Each week Matt brings you his Main Line Pick of the Week. Every day, Matt scours the new listings for the finest estates and best values that the Main Line has to offer. This includes new listings, short sales, foreclosures, and new construction. The weekly selection represents the best value for the money on the Main Line. The "Pick of the Week" is selected from all homes for sale currently on the Realtor's multiple listing service (MLS), and may or may not be listed by Prudential Fox & Roach. Matt has an excellent eye for a quality find, and his selections rarely stay on the market long. Sometimes they are under contract within days of becoming available. Click on the link below to find this week's best selection. You won't be disappointed.
» More Information...
The Main Line has many excellent features, but one of its greatest assets is its many nationally recognized and ranked public and private schools. Not only does the Main Line have some of the best and highest rated grade schools, but is home to many world-class colleges and universities as well. One of the driving forces of real estate prices and a big part of desirability is an area's school system. Whether you are looking for a great school for your children, or want a good school system for resale value, the Main Line fulfills these criteria. With high test scores, low teacher to student ratios, and a lot of tax money going into the system, you cannot go wrong with any school district on the Main Line.
» More Information...
Prudential Fox & Roach Realtors are the #1 Realtor on the Main Line and the #1 single-market Realtor in the country. Our market dominance and resources give us an unmatched ability to perform for you. Whether you are buying, selling, renting, or relocating, when you call on Prudential Fox & Roach, you access a network of passionate professionals with rock-solid, real-world connections and the best marketing technology in the business. We create a positive experience and add value to all those we impact. Our professionalism is a role model for our industry and the public.
» More Information...