Washington DC - Should I Rent or Buy?

Question

I am currently renting a place in Washington, DC for $500 per month, which is a great deal! I am interested in real estate, however, and buying a property to fix up, since the market has cooled a bit and interest rates are still low. I'd like to know if renting or buying a place is a more financially sound option in this market. I currently live with roommates and plan to get rooommates when I buy to help swing the mortgage. I'm happy either way, as far as quality of life goes. However, even with a roommate, my mortgage would be significantly higher than my current rent. If I ask a realtor, obviously they recommend buying, as they'll get commission. So I'm curious as to what others think. Thanks!

Answer 1

When dealing with real estate, never look at matters through anyone else's perspective. Always look at any and all deals from your own eyes. Any real estate deal should be looked at for a future of ten years. If any deal will not render you a return within a ten year timetable, I would keep looking.

There is no road map to guaranteed success in real estate. You are your own best source of information and evaluation as only you know your own capabilities, needs and future plans.

Good luck...

Answer 2

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Answer 3

If you'll be there more than about 5 years and can actually benefit from accruing equity, buy.