Should I Buy or Rent a Home?

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Q & A with Dottie Herman
 

Question: How can I decide if I should continue to rent, or buy my first property?

Answer: With borrowing rates at all-time lows, many, like yourself, are faced with the same dilemma. With ownership comes responsibility, and those who are used to renting depend on the Landlord for upkeep and repairs. On the other hand, pride in ownership can provide a wonderful lifestyle and a good investment as well. Rents are high in many areas, and after careful examination of your finances, it may be more prudent for you to buy.

Question: What is the average amount of days a home stays on the market? Does it vary by specific town or is there an overall time frame that is the norm?

Answer: Properties that are priced correctly tend to sell more quickly than over-priced properties. That said, it is very hard to predict. If you live in an area that is in high demand with little supply, your home will generally sell faster than if there are a lot of comparable homes on the market.

Question: I live on a very long block filled with some very nice houses- some are ok and my next door neighbor's house is beyond horrible. It's completely run down, not well-manicured and an embarrassment. Is there anything I can do? Does it decrease the value of my house?

Answer: An eyesore is generally not helpful to neighboring property values. If a neighborly conversation does not achieve the desired results, check your Town's Rules or Ordinances. If there are violations, they can be reported to the local authority.

Question: I need to move to a new apartment. I want to rent for at least another year. I currently live on the east side and I am thinking about living on the west side. I am unsure how to make that change or decision. Any suggestions you can offer while I try to decide where to live?

Answer: The best way to change neighborhoods is to get out there and walk the streets to see the features and benefits that are important to you, including such amenities as proximity to transportation, to your job, schools, parks, etc... Do research on-line to familiarize yourself with what's on the market. You might also want to consult with a Real Estate Professional who can help you in your decision making process.

Question: My husband and I would like to rent an apartment in NYC for 2 months. Is that possible? We did it one year in Florida and love exploring new cities.

Answer: There are many short-term furnished apartments for rent in New York. Starting your search on-line will help you to identify specialists in this market niche and to familiarize yourself with fees and the process required.