Dear Jack: New Infographic- Rent Vs. Own: Which Option Is Best For You?

3 years, 8 months.

Dear Jack,

I’ve been mentioning to you about our family’s plans to move out of our townhouse and into “a real house with a yard and one that’s in the right school discrict.” (That’s important here in Nashville.)

After having owned our townhouse for 6 years now, we are finally at the point at which we could sell it and actually make a profit.

For now it’s sort of a waiting game, as we continue to build our savings after having gone debt-free a year ago. Meanwhile, the prices in the neighborhoods we are considering moving to are now affordable… but how long?

The paradox: The longer we wait to move from our townhouse (as we continue to put more in savings for the down payment on our next house and watch the value of our townhouse continue to rise), the more likely the prices will also rise on the house we want to move into.

When should we move? We’ve got our sights on early next year.

This brand-new infographic below does a great job explaining which option is better, renting or owning. While it doesn’t relate to us in that we already own our townhouse instead of renting it, it does relate in helping me personally see that by owning it 7 years makes it more of an investment than selling it sooner.

Ten years would be ideal, but again, we have to keep watch on prices of the neighborhoods we’re interested in.

It’s hard to imagine what it will be like actually moving into the house that our family plans to live in for the rest of your childhood.

We’ve been working towards this goal for a while now.

I remember back in the days when it seemed the value of our townhome would stay in the negative forever.

But we’ve worked hard to pay off our debts, save our money, and keep a close eye on what’s going on out there.

Maybe by early next year…

 

Love,

Daddy

Infographic courtesy of SpareFoot.

Courtesy of: SpareFoot

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s