B & B Real Estate | Holyoke Real Estate, South Hadley Real Estate, Northampton Real Estate


This Single-Family in Holyoke, MA recently sold for $220,000. This Colonial style home was sold by Office Holyoke - B & B Real Estate.


71 Westfield Rd, Holyoke, MA 01040

Single-Family

$220,000
Price
$220,000
Sale Price

7
Rooms
4
Beds
1
Baths
Loving home located in the wonderful Elmwood neighborhood of Holyoke. Home features everything you need to move right in and be at home. Warm kitchen that welcomes the entry to a formal dining room. Living room features a beautiful fireplace and great room style den. Large fenced in yard, complete with professional landscape and detached garage.

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With rent prices soaring in many areas of the U.S., renters are starting to consider whether now is the right time to start saving for a down payment on a home.

Depending on where you live and what your timeline is for buying a house, you might be wondering the same thing.

So, in today’s post, we’re going to talk about how to break down your rental costs to determine whether it makes more sense to buy a home rather than continue renting.

Add up your rental costs

There are any number of costs associated with renting depending on your lease agreement. Some renters are required to pay their own heating and utilities, while others have several bonuses thrown into the cost of their rent, such as internet, gym memberships and more.

So, take a minute to write down each of your rental expenses. To get you started, here’s a list of some of the most common costs for renters:

  • Monthly rent

  • Electric bills

  • Heating bills

  • Trash removal

  • Renter’s insurance

  • Parking fees

Now that you know how much you put toward renting each month, it’s time to take a look at what it could cost you to own a home.

Homeowner expenses

The key thing to remember about buying a home is that your costs can vary widely based on the size of your home, where it’s located, and a number of other factors. However, you can often find area averages online.

If you’re considering a starter home (which you should!), then you’ll want to look at houses in your area that are on the lower end of the market.

To get an idea of what your mortgage payments and monthly interest will be, you can use a free tool like Bankrate.

Now, let’s make a list of your homeowner expenses:

  • Mortgage payment

  • Home insurance

  • Trash removal

  • Utilities

  • Heating and AC costs (plan for higher costs than renting due to more space)

  • Electricity

  • Property taxes (divided by 12)

  • Mortgage insurance (if you don’t have a 20% down payment saved)

Cost-benefit analysis of owning a home vs renting

Now that you know the general costs, you’re getting close to knowing whether it would be cheaper or more expensive to buy a home than rent.

However, that isn’t the full picture. When you own a home, you’re responsible for maintenance and upkeep. That means you should budget around $250 per month toward maintenance. Even if you don’t use that amount each month, there’s a good chance you’ll have to make a repair or upgrade, or even hire a professional to come and fix something on your home.

The final piece of the picture involves home equity. When you own a home, most of the money you pay each month to your lender will come back to you in the form of equity. As a renter, your money goes to your landlord and will never be seen or heard from again.

So, if you’ve added up your lists, accounted for maintenance costs, and still have enough left over to live comfortably each month by buying a home, you can most likely bet on buying as being a better option.

If not, it might pay off to rent for another year or two while you save up for a down payment so you can get the lowest interest rate and avoid PMI.



102 Homestead Avenue, Holyoke, MA 01040

Single-Family

$184,000
Price

5
Rooms
2
Beds
1
Baths
Great ranch style home that is over 1200 square feet. This home features a large kitchen with first floor laundry, hard wood flooring, dining room, enclosed porch, two car garage, large basement and so much more.. Open House Sunday July 7th 1-3
Open House
Sunday
October 13 at 1:00 PM to 3:00 PM
Please join us Open Sunday 1-3
Cannot make the Open Houses?
Location: 102 Homestead Avenue, Holyoke, MA 01040    Get Directions

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355 Hillside Ave, Holyoke, MA 01040

Single-Family

$199,000
Price

8
Rooms
3
Beds
1/1
Full/Half Baths
Wonderful three bedroom 1.5 bath colonial with one car garage. This home has been lovingly care for over the years and features many improvements inside and out. The open living room/dining room features a stone fireplace and a sun room. The three bedrooms feature hard wood floor and are all good sizes. Mechanicals are updated and well maintained. Partially finished basement as well Come take a look you will love it!
Open House
No scheduled Open Houses

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This Single-Family in Southampton, MA recently sold for $447,900. This Colonial style home was sold by Office Holyoke - B & B Real Estate.


9 Bissonnette Circle, Southampton, MA 01073

Single-Family

$459,900
Price
$447,900
Sale Price

8
Rooms
3
Beds
2/1
Full/Half Baths
Pristine "LIKE NEW", one-owner home, set on a cul-de-sac is move-in ready! Kitchen w/Stainless Appliances, Center Island, cozy dining area is open to the Family Room w/Gas Fireplace and plenty of windows to let in natural light. A wide Foyer will welcome your guests with a Formal Living room/HOME OFFICE, French Doors & a Formal Dining room on either side. Impressive Ensuite Master w/HIS AND HERS WALK-IN closets, Tray Ceiling, Jacuzzi tub, Tiled shower, Double Vanity is the one you have been waiting for. Architectural details such as Crown Molding, 9 foot ceilings & Hardwood Flooring on 1st floor, SPACIOUS Laundry Room offer the finishing touches. C/Air, Custom Blinds, Irrigation, 25 x 12 Deck complete the package. Basement offers potential for even more living space with walls studded and insulated, ready for finishing. Sellers can accommodate a quick closing. Don't let this one slip away!

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