Should I rent or buy a townhouse in Harrisonburg?


Should I rent or buy a townhouse in Harrisonburg?
By Scott Rogers • May 23, 2016
Given continued low interest rates and some increase in home values, let's take a new look at the opportunities of buying versus renting. RENT = $1000/m. There are regularly options for renting a two-story townhouse in Harrisonburg for approximately $1000 / month in Avalon Woods, Beacon Hill, Stonewall Heights, Liberty Square, etc. BUY = $865/m. With a 95% loan, buying such a townhouse apparently may cost as little as $865 per month assuming a $140K purchase price and 3.875% interest rate per SunTrust Mortgage's payment calculator.... This shows an $135/month cost savings of buying instead of renting. If we then look at the difference between renting and buying over a five year time period, the advantages start to pile up. As you can see, this builds a rather compelling case for buying instead of renting if you are going to be living in this potential townhouse for the next five years. Two other factors to keep in mind.... Your cost savings will potentially be even greater than outlined above based on your tax savings you will see each year because of having paid mortgage interest. The analysis above does not factor in your closing costs when buying. If you are renting a townhouse now, but suspect you will be living in Harrisonburg for the next five years, let's chat about what could make the most sense for your housing situation. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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