August 08, 2016
Moving to El Paso? Should you rent or is now the time to buy? There are a number of considerations to take into account when determining which is best for you. First, how long will you be here? If you will be in El Paso for less than two years you are almost certainly a candidate to rent, and one of our agents will be more than happy to assist you with your property search. However, for anyone who will be here longer, there are other important factors to consider.
Let’s put some numbers to it. For a tenant looking to rent a $1,200/month property with a $1,000 deposit, they will owe the first month’s rent and the deposit before moving in, or $2,200. However, someone looking for that same payment could ultimately end up with a property valued at around $155,000. How is that possible? When you factor in the low interest rates currently available and the tax savings for mortgage interest payments, your adjusted payment would actually be $1,100, compared to paying $1,200 in rent.
Contact a CENTURY 21 APD Associate today for more details on the effective cost of home ownership and whether you should rent or buy.