Middletown, NY (PRWEB) June 21, 2013
On June 21, Brian Rosen, builder of Highrose Ridge, a neighborhood of value-driven townhomes, offering some of the best prices among new homes in Orange County, NY, discusses factors to consider when choosing whether to buy or rent a home.
According to an article from Business Insider, various factors will determine whether or not it is a better investment to buy or rent a home. Location and the length of time an individual plans to stay in the area are both contributing factors cited by the article. Rosen says that the current market offers better investment prospects for new-home buyers than has been seen in years. “Inventory is low, so the demand is outstripping the available supply,” he says. “Sales of new homes are up, and are proving a better investment for first-time homebuyers than previously-owned homes. If you’re committing to a certain location for more than just a couple years, you may be better off buying than renting.”
The article lists a few factors to consider if you are deciding whether to buy or rent, including:
Renting is more suited for individuals who plan to stay in an area, “for fewer than three to five years,” according to the article. On the other hand, there comes a point where renting reaches a point of diminishing returns. Apartment rents are expected to increase by 4 percent each year by 2015, and home prices are trending upward, with a 10% uptick in February. “The opportunity is here now, but this window will not be open for long. If you have the means to act now, do so.”
- “Upfront cost”
The article advises that prospective homeowners should make sure they can pay for at least 20% of the cost for a down payment, as those who can afford that much of a percentage will get lower interest rates on loans (relative to those who can only afford to pay 10%). Buyers can “take advantage of current record low interest rates” and “not deal with landlords or fluctuating rents.”
- “Return on Investment”
Home prices are starting to increase, which bodes well for “potential sellers down the line.” Housing inventory is at its lowest, indicating that real estate is high in demand.
The number of renters who qualify for a home mortgage have doubled since 2005, says Rosen. “8 million people who couldn’t afford to buy a home in 2000 are able to do so now,” he says. “And those people are lucky to find themselves in a moment where the market can accommodate them. As credit scores return to normal and interest rates remain low, the dream is finally within reach for many.”
With the beautiful new townhomes at Highrose Ridge, the second- and third-generation family business at Rosen Property Group returns to its roots as a hands-on residential homebuilder with tremendous attention to detail and a strong commitment to value-driven housing. Designed for first-time home buyers, growing families as well as empty nesters, Highrose Ridge is the perfect place to live.
Highrose Ridge features several spacious three-bedroom, low-maintenance townhome models available in a scenic hillside setting in Orange County. We're selling so much more than just homes: Highrose offers a full lifestyle complete with pool, fitness club and a clubhouse at the heart of the neighborhood. Highrose is conveniently located in close proximity to major highways, including I-84, Route 17 and the New York State Thruway, making it an easy commute to Manhattan, the boroughs, Westchester, northern New Jersey, or anywhere in the tri-state area. It's country living that is completely convenient. Start your family traditions with us! Call: (845) 344-4600 or visit highroseridge.com today to find out how you can secure your dream home!