moneymaker
Recycles dryer sheets
- Joined
- Mar 13, 2013
- Messages
- 106
Happy 4th everyone!
We will be moving to Detroit area in the very near future and are undecided about renting vs buying in that area. We are leaning more towards renting because we will be in the area for a max of 3 years. Some of the things on my mind:
1. I really don't know the market in that area. I own 2 homes in Virginia and rent them out, but the Virginia market seems to be much different.
2. Seem to be a lot of risk if I buy in Detroit. Even with low interest rates, I would have to have considerable appreciation in 3 years just to break even once you account for closing costs and 6% rea estate agent fees; however, I have never rented and it definitely feels like I would be throwing money away to rent.
3. Buy in Detroit and rent out when I move- I don't know the market at all though.
I'm interested to get any feedback I can on the Detroit area and others opinions on renting vs buying. Thanks!
We will be moving to Detroit area in the very near future and are undecided about renting vs buying in that area. We are leaning more towards renting because we will be in the area for a max of 3 years. Some of the things on my mind:
1. I really don't know the market in that area. I own 2 homes in Virginia and rent them out, but the Virginia market seems to be much different.
2. Seem to be a lot of risk if I buy in Detroit. Even with low interest rates, I would have to have considerable appreciation in 3 years just to break even once you account for closing costs and 6% rea estate agent fees; however, I have never rented and it definitely feels like I would be throwing money away to rent.
3. Buy in Detroit and rent out when I move- I don't know the market at all though.
I'm interested to get any feedback I can on the Detroit area and others opinions on renting vs buying. Thanks!