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Hi folks, I will be moving to the Charleston area in July and am trying to decide if I should buy or rent. Originally I was planning to rent because I'm not sure how long I'll be in the area (although it will definitely be a few years) but after searching the MLS it seems like the cost of renting a single family home is seriously inflated. I'll be working in Summerville but would like to be closer to Charleston so I've been looking in West Ashley and James Island. I would like to be in a smallish (1000-1500sf, 3 bed) single family home (no condos, apartments or townhouses) and need something in the $1,000-$1,200 range. All the rentals I've found that meet this description seem to be in the $1,400 + range. I had resigned myself to the fact that I may have to rent in Summerville until I started looking at MLS listings. I found a lot of houses that look like they'd be a perfect match for me that are selling for around $150,000. Now I'm thinking that buying would be the way to go as my payment on a $150,000 house would be less than $1,000 per month. I feel like I'm missing something. Would renting a house in these areas really be twice as much as a mortgage payment? Any insight or advice for me?
It depends on a lot of things. I didn't buy until I got the right job. I'm not so worried about getting laid off now, plus the wife is making some money here, so this was the right time to buy. From a market perspective, now is the time. Prices are going up and so will interest rates pretty soon. If you are confident about your job situation, I'd say buy and buy soon.
I say rent for the first year then buy if you know you like it here, want to stay, job works out, etc. We rented for 11 months before buying, we bought last weekend and it worked out for us. But, it took awhile for us to realize we loved Charleston, and to know which area we wanted to buy in.
Prices are cheap but nothing is worse than moving somewhere, not really knowing how you'll like it, then wanting to leave and having to sell a home or town home. Even if you only rent for 6 months before buying, by then you would have a good idea. Plus you could always get down here and rent in Summerville, then find that you'd rather live in MTP or West Ashley, etc. At least you'd know...
Is it that hard to rent with pets? I have two dogs: a black lab and a puggle so I'm looking for a house with a fenced in yard. We are looking to buy, but may think about renting if our pets are allowed.
If you are going to be in a house lets say less than 3 years, the cost of purchaseing and selling the house will out weigh any increase in value the house might have over that time. 3~5 years is the break even point on most homes in most markets...
I know I stole it from somebody and it was wise advice, maybe it was something I heard on Dave Ramsey's show...
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I don't think so -- but all that matters -- it is wise advice.
