I really don’t want to go too far astray from Basking Ridge specific information, but I thought this top 10 list would give you something to think about if you are considering a move into or out of Basking Ridge and don’t know whether to buy or rent. I’ve been spending a LOT of time recently trying to find a tenant for one of my favorite customers, he might rather I not talk about this today… but it looks like we may have a lease signed today or tomorrow so I’m in the clear!
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Get a good deal – Prices have come down, and affordability is close to an all time high.
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Mortgages are cheap – Rates are at 50-year lows.
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Save on taxes – Homeowners can deduct the mortgage interest and real estate taxes from their income taxes, and get a tax break on any capital gains when they sell.
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You own it – Owners have options over renters. Choosing paint colors, moving walls, planting a garden, etc.
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You’ll get a better home – It can sometimes be difficult to find a good rental. Generally speaking, consumers who want the best home in the best neighborhood are better off buying.
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It offers some inflation protection – Studies have shown that over the long term, housing has tended to beat inflation by a couple of percentage points a year.
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It’s risk capital – Having equity in a home links part of your portfolio to the long-term growth of the economy without having to manage separate investments.
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It’s forced savings – Even if renting a home is less expensive than purchasing, most people won’t save the difference.
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There is a lot to choose from – That means great choice, as well as great prices.
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Sooner or later, the market will clear – Demand and supply will meet, and we will be back to a normal market.
Search for condos and townhouses or single family homes on my Basking Ridge website.
