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Buying Vs Renting in Vermont- Should I buy that home or condo, or continue to rent?

Most agents won'ttell you this, butit really depends on your own personal situation- first and foremost. Look at your work situation, for example. Do you think you will be at your job for a few more years? If not, are you committed to staying in Vermont, for example, if you leave (or lose) your job? Be real with yourself...if you are unsure, continue to rent.Buying should not only be a financial choice, it should be a lifestyle choice. If buying seems like a good near to mid term option, then start your search- the timing is great right now, in particular in Vermont. Why? Because our rental market is "tight", so say the least. Dousevicz Real Estate occassionally works with renters, and we even develop our own rental projects- we know. Most vacancy rates for rentals in Chittenden County are BELOW the 3% mark, and there are even areas like South Burlington and Burlington where they are BELOW 1%. This means too things for potential renters:
  1. Low inventory to chose from for rentals. You probably won't find an apartment up to your criteria, location, and quality!
  2. High rent amounts. Yes, very high. One bedrooms can go for up to $1300, and two bedrooms can go for up to $1700. Wow.
Maybe buying is looking better? When we look at the current market, you may be able to afford that condo or home of your dreams. How? Two main aspects:
  1. Inventory- there's plenty of it, even in Chittenden County and towns like Burlington, Colchester, Essex, and South Burlington, both for condo's and homes. Competition is GREAT for homebuyers because it equates to LOWER prices--the oposite relationship to #1 above, HIGHER rents.
  2. Low Interest Rates. Yes, we've all heard- they are at record levels. Not just record levels people, levels we may NEVER see in our lifetime! 3.9%! Wow...that means your $ goes a loooooong way when you buy a home or condo, and overall affordability raises considerably.
Here's a great article from the WSJ that does a much better job explaining housing affordability:
In Summary, think you have some job stability for the next few years? Think that a move to a home or condo would be good for you and your family? Have you run the numbers on renting vs owning? You may just discover that you could actually SAVE money by buying vs renting- if so, give us a call. We'll walk you through the process, and start showing you some GREAT places for a GREAT value. Dousevicz Real Estate 802-87904477 ext 103 or Dousevicz@gmail.com

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