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Buying or renting in Portland Maine
- Real Estate Relocation
Many potential home owners hesitate about entering the Portland Maine real estate market because they feel that “owning costs too much.” But the fact is that after you consider income tax deductions, personal freedom, rent increases, and the accumulation of wealth through growing home equity, renters actually not only pay more, they also stand to lose tens of thousands of dollars of net worth.
Tax Deduction
As someone owning real estate in Portland Maine, you will be able to deduct most of your monthly mortgage interest payments from your taxable income. As a result, your actual out-of-pocket home costs will run – depending on your combined federal, state and local income tax rates - 20 to 40 percent less than the amount of the check you write each month for your mortgage payment.
Freedom to make where you live your “home”
If you decide to rent a home in Portland Maine, you are living in someone else’s property. Any improvement, decoration, change has to be approved by the landlord. Some landlords here in Portland Maine are great to rent from – others may not be such diligent landlords! You are not free to express yourself and make the place your own if you decide to rent a home in Portland Maine. Homeownership gives you the freedom to do what you want with your home – whether it’s purple walls, beautiful wallpaper or a hand laid brick patio for your enjoyment!
Rents will go up
Sometimes, even after allowing for tax benefits, the monthly costs of owning may still look higher than renting. But that is a short term view. Today’s rent and mortgage payments are 10 to 20 times higher than they were 30 years ago. Back in the late 50’s you could rent or buy an average home for between $25 to $150 a month. Those wise buyers who locked in their housing payment 30 years ago avoided all the increases over the years that their renting contemporaries had to endure. Similarly, locking in your housing payment today will insure insulation from future cost-of-living increases that will affect the rental market over the next 10 to 20 years. In the year 2020, today’s rent and mortgage prices will seem ridiculously low! The difference will be that you will still be paying those ridiculously low housing payments if you choose to buy a home from one of the many houses for sale in Portland Maine!
Equity Build Up
Over the last 200 years, home prices in across the country have appreciated rapidly, at other times depreciated. But on the whole, homeowners have always built more wealth than renters. Even if your home doesn’t appreciate (a highly unlikely event), at the end of your mortgage term, you will own a valuable asset free and clear. You’ll own nothing if you continue to rent during that time. But if your home does appreciate, your equity will be worth much more than you have paid for it, even factoring in interest payments.
When is it a good time to rent?
If you are only going to be in Portland Maine for a short amount of time you may want to consider renting rather than buying. Normally you have to own a home for a couple of years to realize enough profit from appreciation to pay for selling expenses. Talk to your Portland New Quest City agent to see how long you would have to own a home to be able to break even when you sell.
Chose a real estate agent with experience to help you!
Many buyers start their Portland Maine home search randomly. They see a home listed on a Portland Real Estate site and in their initial excitement call the listing agent. Firstly, that agent is already working for the seller and cannot represent the buyer’s best interests. You need a Portland Real Estate agent with a proven track record of not just sales, but of helping buyers. This is especially true if you are interested in Foreclosures in Portland Maine. Portland Real Estate agents referred by New Quest City have experience in helping buyers relocating to Portland ME buy a home for the right price!
So to find out if buying a home in Portland Maine is an option, request your FREE “Relocation to Portland Maine” relocation package (click on link above). Then, a top Portland Real Estate agent will contact you and send you information on homes in Portland Maine.
Topics on this site include: Portland homes, Portland new homes, Portland real estate and Portland newspaper including homes Portland real estate, Portland ME real estate and check Portland MLS homes for sale and houses for sale, find realtors and real estate agents, get new houses plus Portland new homes and homebuilders, find Portland foreclosures, Portland houses for sale, condominiums and Portland Condos, and Portland ME newspaper reports, lofts and Portland lofts homes, look for apartments townhomes townhouses, search jobs and help wanted, movies, bars, restaurants and events, Portland luxury homes.
Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part of Casco Bay. Portland Head Light in nearby Cape Elizabeth is also a popular tourist draw. The city seal depicts a phoenix rising out of ashes, which goes with its motto, "Resurgam," Latin for "I will rise again", in reference to Portland's recoveries from four devastating fires. The city of Portland, Oregon was named for Portland, Maine. The Portland Public School District is the largest school system in Maine. The city is also the county seat of Cumberland County. -- Source: Wikipedia.com
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Census Data for Portland, Maine
| Portland | Maine | United States | |
| Population | 64,249 | 1,274,923 | 281,421,906 |
| Median age | 35.7 | 38.6 | 35.3 |
| Median age for Male | 34.3 | 37.6 | 34 |
| Median age for Female | 37.1 | 39.6 | 36.5 |
| Households | 29,714 | 518,200 | 105,480,101 |
| Household population | 61,806 | 1,240,011 | 273,643,273 |
| Average household size | 2.08 | 2.39 | 2.59 |
| Families | 13,547 | 340,685 | 71,787,347 |
| Average family size | 2.89 | 2.9 | 3.14 |
| Housing units | 31,862 | 651,901 | 115,904,641 |
| Occupied units | 29,714 | 518,200 | 105,480,101 |
| Vacant units | 2,148 | 133,701 | 10,424,540 |
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Other Area Cities: Portland Standish Buxton Cape Elizabeth Falmouth Foreside Gorham South Portland Yarmouth Scarborough Westbrook Freeport Saco
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