Mortgage FAQ: Buying vs. Renting in an Expensive Neighborhood
"THERE’S A VERY POPULAR NEIGHBORHOOD IN MY AREA THAT I’D REALLY LIKE TO LIVE IN, BUT THE HOME PRICES THERE ARE TOO HIGH FOR ME. WOULD RENTING IN THAT NEIGHBORHOOD BE A BETTER IDEA THAN BUYING?"
If it’s a very popular neighborhood, rental prices may be too high for you in that area as well. If you really want to live in this neighborhood, however, the first thing you should do is get in touch with a real estate agent who’s knowledgeable about that particular area.
They’ll know the ins and outs of buying and selling in this neighborhood and they can be your best resource in terms of finding a home that’s in your price range. They may also know about homes that haven’t yet been put on the market.
Alternately, they may suggest looking at homes in an adjacent neighborhood. Yes, the adjacent neighborhood may not have as much prestige as the “hot” neighborhood, but due to its proximity to the popular neighborhood, it may be the next up-and-coming area. If the homes in the hot area appreciate significantly, this may have a positive impact on the neighborhoods surrounding it. Plus, it may be easier find a home that you can afford in this adjacent neighborhood.
In the end, if your heart is really set on living in this popular neighborhood, give your real estate agent the chance to make the dream come true. You may be surprised at what they can accomplish for you.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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