The main question that arises in the minds of many buyers is whether to rent or buy a home. While both have their advantages, there are also some differences in each. In this article, I'll discuss some of these key differences. Read on to discover whether renting or buying is the right decision for you.
Renting vs buying
There are many advantages to buying a home in Northern Virginia, but there are also many drawbacks. Many renters feel that a mortgage loan is out of reach, but this is not always true. Many people just starting out in their careers opt to rent, because they may not have the time to commit to the maintenance costs of a home. Renters may also have a difficult time budgeting for the utilities.
The Millennial generation is known for breaking the mold and bucking tradition, from marrying later to having nap rooms in the office. Yet, this generation is also known for renting instead of buying. According to a survey by the National Association of Home Builders, 75% of this group would like to own a home in the future, but they are more comfortable renting. So, the question becomes, why do they feel this way?
Property tax rates
The Virginia Tax Code, which governs how the state taxes property, is the most important legal document governing the subject. Property taxes at the local level help pay for important services such as schools, police and fire protection, and public parks. The Fairfax County Assessor determines the market value of all taxable real estate. This value is a reliable benchmark to use when comparing taxes in the county to those in other jurisdictions.
The tax assessor determines the assessed value of your home, which is the total value of your property. This figure is then multiplied by the tax rate in your community. If you're dissatisfied with the assessment, you can file an appeal to the Fairfax County Board of Equalization and Assessment Review. Lastly, the local government determines the effective property tax rate, or millage rate, that will apply to your property. The millage rate is based on proposed budgets, average property values, and current market trends.
Neighborhoods
Washington DC or Fairfax? Which is best? Fairfax, VA offers a quiet environment with amenities that suit both the young and old. For business owners, Fairfax provides the convenience of a city with low prices. It also offers many other benefits, including a highly rated public school system. It also offers taxi service. Read on to find out the best reasons to choose Fairfax as your new home.
If you're looking for something new to do in Fairfax, Virginia, check out Paradise Springs Winery, a family-friendly winery. This venue allows picnics on the lawn with wine to take to your table. It also features a play area for kids and has an extensive playground. In addition to wine tasting, children can play and build forts. In addition, Fairfax is home to several mom's groups, including the local mother's group.
Appreciation rate
Many real estate investors wonder if it is better to rent or buy in the Northern Virginia market. One way to determine the value of a property is to look at the appreciation rate. While buying a property with a high appreciation rate will make it easier to sell in the future, an apartment rental can be more lucrative in the short term. And while a condo might be more convenient than renting one, the higher cost of ownership makes renting more expensive.
However, property taxes in Northern Virginia are relatively low, with an overall effective rate of 0.98%. Moreover, you can check on the county assessor's website to see the current property tax amount. A majority of mortgage lenders require that you put half a year's worth of property taxes in escrow when you sign your contract. If you are planning on purchasing a property, be sure to read our detailed guide to buying a house in Northern Virginia.