ABOUT TERRIE O’CONNOR REALTORS Setting the standard for excellence in real estate since 1991, Terrie O’Connor Realtors is your trusted, independent guide to buying and selling in northern New Jersey and southern New York. Backed by decades of experience, our dedicated team of 375 licensed professionals across seven branch offices is committed to providing hallmark service to our communities. Whether you are looking for your dream home or want to find out what your current property is worth, we are here to ensure your success.
201.786.9055 | www.tocr.com
WHEN TO RENT AND WHEN TO BUY
BENEFITS OF RENTING By renting you will be free of home repair costs and homeowners insurance which is more costly than renters insurance. If the stock market continues to outpace real estate as it has over the last decade, then renting while investing in the stock market might also be beneficial. Accordingly, there are times when you should leave the so-called American Dream and instead, over a short period of time, reveal all the benefits of renting. It would be a pleasure to help you rent, whether you are a homeowner and want to rent or rent before you someday may own.
BENEFITS OF HOMEOWNERSHIP The opportunity to build equity (wealth) According to research from the Survey of Consumer Finances, homeowners developed 36 times the average net worth than renters
Social stability According to the research from the National Association of REALTORS
and the American
Social Workers Journal, homeowners are more likely to participate within the community
Homeownership, according to studies, provides a greater sense of stability and higher selfimage Homeowners are more enthusiastic about making their home child safe and ecologically
ONLY YOU CAN DECIDE WHEN TO RENT OR OWN A HOME. WHEN RENTING MIGHT BE BEST Here are some factors to consider:
1. DOWN PAYMENT
Would a down payment for a home represent a financial strain or is it simply not possible at this time?
2. OWNERSHIP LENGTH
Do you plan on living in a home for less than three years?
3. PROPERTY VALUE
Based upon price trending, overall demand for the area and price range you are considering, is your property more likely to go down in value for the foreseeable future than to increase in value?
If you answered "yes" to one or more of the three questions, renting may be the best choice for your current needs and future plans. At Terrie O'Connor Realtors, we believe that successful homeownership is all about timing. While owning a home is a wonderful goal for many, choosing to rent until your personal, financial, or lifestyle circumstances are right can be a smart strategy that positions you for longterm success. Real estate has historically appreciated over the long term, but market values can fluctuate over shorter periods. Homeowners who plan to stay in their homes for several years are generally better positioned to benefit from long-term appreciation and build equity over time. In addition, purchasing a home involves upfront expenses, including inspections and closing costs. Staying in a home longer allows those onetime costs to be spread over many years, making homeownership more cost-effective in the long run. If you anticipate moving in the near future, renting can be a smart financial choice while you prepare for your next home purchase.
friendly Homeowners are more likely to maintain the physical integrity of their home than renters Homeowners may benefit from lower crime rates* Homeowners enjoy preferential tax treatment *Source: 2012 Social Benefits of Homeownership and Stable Housing, National Association of REALTORS Research Division
THIS IS WHERE TERRIE O’CONNOR REALTORS CAN HELP Terrie O’Connor Realtors represents a departure from many in the industry who epitomize a singular endorsement of only homeownership and, as a result, do not also celebrate the benefit of renting. Whether one rents or buys should be the sole decision of a well-informed and empowered consumer. It would be a privilege to assist you in your decision-making process or when you have made a decision to help you achieve the best outcome possible, whether you rent or own.