In CT and NY, there are many good reasons for people to jump into the world of homeownership. For some, it’s family and stability; for others, it’s a great job or pride of ownership; or perhaps, it’s simply the rising costs of residential rents. At some point, most people will ask themselves whether they should consider buying a house or condominium, rather than renting.
The most essential factor is whether your career plans require a lot of flexibility. If you are in a highly mobile industry and are likely to relocate to another state or country in the next one to three years, and if you want to retain some financial flexibility, then you are better off renting. However, if you feel you would be able to forego selling the home when you move and instead keep it as a rental property, then buying could be very attractive.
If you want to maintain the option of renting out your home in the future, you should endeavor to keep your monthly fixed costs (mortgage principal and interest, taxes, insurance, condo fees) below the market rent you can expect. Ask the advice of a real estate agent who understands the rental prices and vacancy rates in the area or building where you are considering buying.