How much will your home rent for?
Do you consider yourself more as an objective thinker? Do you prefer to take a more mathematical approach to making major decisions, especially if the decision involves your most valuable asset, your home? If that’s the case, you’ll find that there are A LOT of numbers to consider and budget if you’re trying to decide if it is worth the financial investment of renting or buying your next home.
Ultimately it all comes down to comparing costs; initial, recurring, opportunity, and net. We’re not all mathematicians, so we’ve found a great source for someone who prefers to look at the numbers without having to build a complicated excel spreadsheet and plugging numbers into a calculator over and over! The New York Times article “Is it Better to Rent or Buy” by TheUpshot provides a clear, mathematical approach to comparing if it is better for you to buy or rent your next home based on what you can afford. The article explains that the calculator keeps a tally of the more common expenses of owning and renting such as time, opportunity cost, potential profit, and taxes. It is also helpful in clearly indicating a bottom line answer, comparing what price you can afford to buy, versus how much you can afford to rent monthly for a home at the same price.
Follow this link to try it out yourself: Is It Better to Rent or Buy?
If you do decide that renting is the best option for you, Hilton Head Property Management Pros is here to help! Our leasing agents will be happy to work with you and help you find that perfect rental that fits within your budget and all your needs. In addition, feel free to browse all of our available rentals around the Hilton Head area. Request a walk-through, or reserve a rental for free with our online application! If you have any questions call us at 843-968-4111