When Is Renting Smarter than Buying?

We constantly get the question of whether renting or buying is better in New York. It's actually better to rent if you plan on moving within the next two years.

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We're constantly asked whether people are better off buying or renting a home. I've probably read 100 articles on this topic, so I wanted to give you my insight.

New York state has some of the highest closing costs in the country, but buying a home is a great option because it has great tax benefits, it provides a great quality of life, and it's the American Dream to own a piece of the United States. However, if you're planning on moving within the next two years, renting is generally a better option for you.

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If you're planning on moving in the next two years, renting is generally the better option.

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That's why on my team, we'll sit down and ask you how long you plan on being in a house. If it's less than two years, generally we're going to tell you that renting is a better option for you. 

I've also seen people plan on staying in a home for 10 years but then something suddenly changes with their marriage, job, or neighborhood. So here's what I'm offering to you.

If you buy a house from us and your situation changes (marital situation, you don't like the neighbors, you get a new job, etc.) and you have to sell within a year, I will sell your house for free. I'll help you get out of that house for no charge at all.

If you have any questions about your own situation and you're not sure if you're better off renting or buying, give me a call or send me an email. I'd love to help you out!