Rent vs Buy in Monroe County (Rochester, Webster: sale, real estate market, apartment) - City-Data Forum

mzkiz · 04-04-2011, 02:31 PM

After living outside the US for a number of years, I am being relocated to the Rochester area. As we already own a home on the west coast which we would like to keep, we are very hesitant to jump into the Rochester real estate market. It will just be the two of us - no kids - but we have a lot of stuff (currently in storage) as the house we own is quite large.

Our fear is that if we buy a house in Monroe County, we would not be able to sell it quickly when we move (we do not envision remaining in the area for more than 3 or 4 years). We are quite familiar with Monroe Co. and have spent quite a lot of time in the area. We are thinking that if we bought something it would need to be in Brighton, Pittsford or Penfield for better chance of a quick sale even though taxes are very high in those areas and we would receive no personal benefit from living in an area with a good school system as we have no kids.

So, we would like to consider the possibility of renting rather than buying. We've not really found any website that has a large number of houses for rent - and most of the ones we've seen are not great. Any pointers on sites to check for home rentals? Also, any thoughts on rent vs buy in Monroe County?

Looking forward to hearing your input!

HowardRoarke · 04-04-2011, 05:57 PM

Quote:

Originally Posted by mzkiz

After living outside the US for a number of years, I am being relocated to the Rochester area. As we already own a home on the west coast which we would like to keep, we are very hesitant to jump into the Rochester real estate market. It will just be the two of us - no kids - but we have a lot of stuff (currently in storage) as the house we own is quite large.

Our fear is that if we buy a house in Monroe County, we would not be able to sell it quickly when we move (we do not envision remaining in the area for more than 3 or 4 years). We are quite familiar with Monroe Co. and have spent quite a lot of time in the area. We are thinking that if we bought something it would need to be in Brighton, Pittsford or Penfield for better chance of a quick sale even though taxes are very high in those areas and we would receive no personal benefit from living in an area with a good school system as we have no kids.

So, we would like to consider the possibility of renting rather than buying. We've not really found any website that has a large number of houses for rent - and most of the ones we've seen are not great. Any pointers on sites to check for home rentals? Also, any thoughts on rent vs buy in Monroe County?

Looking forward to hearing your input!

It's wide open for you, really. If you're into more of an urban feel there are Park Ave., lower Monroe Ave. (especially around Pinnacle Hill), Brighton, and other parts of the city where you could get killer bang for your buck, considering it's a temporary deal (under 4 years). Considering your situation I wouldn't buy, but to each their own.

The house I rented in Fairport was $1200/mo., 10 years ago. Today it probably brings around $1500/mo. I ended up buying it, anyway, as it had been updated (old Erie Canal era house) and we ended up staying in Rochester for a while. Commute to my job on University Ave. was around 14 minutes if I hit all green lights. Some landlords will give good breaks for folks who sign a 2 year lease.

Again, considering your situation, you could live just about anywhere besides the not-so-nice parts of the city and enjoy yourselves. I wouldn't rule out Webster, Avon, west of the city, Victor, Honeoye Falls, and other places I'm sure other members here could fill you in on.

Doggz3 · 04-06-2011, 08:45 PM

It would help to know your budget/expectations for buying/renting as the numbers usually dictate the better solution. Also, what is your tolerance for buying a duplex (which are plentiful in the city)? You can live almost rent/payment free in Rochester if you purchase a well-located duplex and rent the other apartment.

I own several properties in Rochester and elsewhere in Monroe County (Brighton, Pittsford). I am long-term bullish on the area as I see solid fundamentals for solid if not spectacular growth over the next 10-15 years. There are others on this site who appear less so. However, without knowing your range it's hard to help you out.

RocDoc · 04-18-2011, 08:22 AM

I would recommend moving to Brighton and buying a house. The neighborhoods around 12 corners are very nice and the houses sell fast, especially the ones on streets with lampposts, sidewalks and storm drains. You will have no problem selling your house when you leave Rochester. I went to Residency at the University of Rochester and Brighton was the perfect place to live.