When To Buy A Home In Maine – Buying vs. Renting

When to buy a home in Maine - Renting vs. Buying.

You’ve been watching the news, checking out the real estate websites, and thinking that now might be the best time for you to buy a home. After all, how long do you want to continue to send money every month to your landlord, adding to his income and investment portfolio?  When do you get to own a place of your own and pay into your own investment?  Is rent just money down the drain?

There are both long term and short term factors to consider when deciding if now is a good time for you to buy a home.  With both home prices and interest rates at historic lows, I’d like to take a moment to look at how this impacts you in the long term.

With lower home prices here in Maine, you will not only get more home for your money, but you can also borrow less money in the first place – giving you a lower monthly payment.  Since the vast majority of your monthly payment goes towards interest charged by the bank for lending you the money, lower interest rates have a huge impact on keeping your monthly payment low as well.

When you combine these two situations, low interest rates & low prices, you end up with a great opportunity to enter into home ownership that may not have been available to you just a few short years ago.

Here is a great tool you can use to see just how much money you can save in the long term by deciding to buy now as opposed to continuing to rent.  You can plug in your own numbers including what you currently pay for rent.  Experiment with different prices and interest rates and see the difference.

If you are considering buying a Maine home, please feel free to call me and I will gladly help you through the process.