Charlottesville Homes Online

Whether you rent or buy, you pay for the house you occupy. You must live somewhere and there's a price to pay for it. A simple analysis will show you whether it's cheaper to rent or buy.

Some people don't have any choice but to rent because they don't have the means to qualify for a loan. But for those who do have a down payment and good credit, they actually have a choice of whether to rent or buy. In some cases, owning will cost significantly less than renting.

Rentals are in high demand and rents are going up. People who have experienced foreclosures and short sales have increased demand. The first comparison a discerning buyer needs to make is whether the house payment is lower than what they'd have to pay in rent.

The next comparison needs to consider the other benefits that accrue to an owner such as principal reduction, appreciation and tax savings. These can dramatically weigh in favor of owning rather than renting.

Tenants have made the decision to buy a home. The decision currently facing them is whether to buy it for themselves or their landlord.

I ran a Rent vs. Buy scenario for the Elizabeth Avenue house, which gives credence to the idea that buying now makes good financial sense.

• 3 bedrooms, 1 full bath (updated); all bedrooms located on the main level (first floor)
  
• Huge basement, 1/2 finished and the other 1/2 with laundry, workshop and tons of storage
• New windows upstairs, except the living room window
• Upgraded wiring in kitchen
• New recessed lighting and ceiling fans in living room and kitchen
• Natural gas furnace, central air
  
• Freshly painted throughout, looks fantastic!
• Beautifully-refinished hardwood floors
• The hallway skylight and all windows that receive full sun are argon
• Roof just 3 years old
• And the lot... is something you just don't see in the city.   You'll love it!
• Look out over green space which is mostly flood plain, owned by the City, and borders Meadow Creek.