I will only be in town for a few years. Should I rent or buy?

(01.26.02) A lot depends on how long you will be in your home. You need to consider not only the costs of buying a home, but also the cost of selling when you leave. The income tax laws make it advantageous to pay mortgage interest. You are allowed to deduct the amount of interest and property taxes you pay from your total income. This lowers your tax bill. (An advantage you don't get when you rent!) Homes in our area generally increase in value every year. This increase in value will offset the buying and selling costs over time. When you buy a home, you take care of the maintenance instead of the landlord. This makes condominiums attractive because the association takes care of the exterior of the home utilizing the monthly assessment. Thought should be given to how well homes resell in the area you wish to consider. A good rule of thumb is it generally takes a minimum of a three-year ownership to break even.

Disclaimer: These answers are in general terms and may vary with specific factual circumstances.