Here are some good tips for anyone looking for a place to live in Buffalo.
According to Zillow, Buffalo ranks second in the nation when it comes to projected rent hikes during the coming year at nearly 7.5 percent.
Real estate experts say rent is on the rise here in the Queen City because of the influx of people coming into the city and the resurgence we're seeing in this part of town.
Realtors say they're not surprised by the recent rent hike, as they've seen the price of apartments and homes in Buffalo drastically increase over the past five years.
In some popular neighborhoods like the Elmwood Village, rent can be as high as $2,000 a month.
"We have a lot of clients that don't want to pay $1,000 per month in rent," said Frank Sandor, a licensed real estate agent with Century 21. "It's actually cheaper to buy right now than to rent."
In fact, with the high rent, people like Gina Mara are ditching the high rent payments to build some equity. "We decided we're going to look for a house. What we pay in rent, we could have a pretty nice sized two bedroom home with two bathrooms."
Here are some benefits to owning a home vs. paying rent:
Financial
Buying a home:
- Interest on mortgage tax and property tax are tax deductible
- Building equity
- Any increase in value will go in your pocket
- Mortgage meets your financial situation
Renting:
- Rent is not tax deductible
- You don't build any equity
- No profit is gained when lease is up
- Rent cannot be customized or re-financed
Quality of Life
Buying a home:
- Home equity loan could pay child's education
- You can make your home however you want it to be
- Your pets have a large space
- Use basement for storage, game room
- Parking is free and you have space
Renting:
- Paying rent to your landlord builds his bank account, not yours
- Tenants are limited to making changes to the apartment
- Pets are often not allowed
- Storage is tight, and may cost extra
- Parking is hard to find, and may cost extra
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