Determining if you should buy or rent in Ann Arbor

Should you buy or rent if you are moving to Ann Arbor or the surrounding areas in Washtenaw County ? We get asked that question frequently.

The answer is “it depends on your individual circumstance”.

One of the first things to ask yourself is,  How long will you be living in Ann Arbor?

In the past it definately made more sense to buy, but now it really depends. If you are a Medical Resident and will only be here 3-4 years, then perhaps renting is the best option. Do you have a dog, that needs space to run?  All of those personal decisions should enter into your decision.

Here is a mortgage calculator that you can play around with. Put in what it will cost you to rent, and along side of it put it the monthly mortgage payment. You can add in the interest rate you have been quoted, and the cost of selling the house in the year you plan to move.

The mortgage calculator will calculate a report for you  based on the information you submit. You can save it or print it out.

Home prices have never been better in Ann Arbor, so if after doing the research you can begin your home search here, to see all the homes on the market throughout Washtenaw County. You’ll be happy to see the houses with Google Satellite Images, Google maps and multiple photos.

You can also find rentals, listed through the Ann Arbor MLS.

Renting vs Buying is a personal decision, and it is always best to speak to qualified professionals about your financial decisions.

Comments

comments

3 thoughts on “Determining if you should buy or rent in Ann Arbor

  1. Missy, it is refreshing to see an article written by a real estate professional that isn’t pushing someone to buy but rather to examine their own individual needs.

    Kudos to you!

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