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Lavish 40-chandelier mansion hits market

Published: Wednesday, December 24, 2014 @ 8:22 AM
Updated: Wednesday, December 24, 2014 @ 8:22 AM

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A Palm Beach Gardens mansion with old world Italian details has been listed for sale at $30 million, a price tag that makes it the most expensive listing in the city and one that rivals even posh Palm Beach.

The 16,000-square-foot home, dubbed Palazzo Grande, has six bedrooms, six full bathrooms and two half bathrooms, a 75-guest ballroom and 40 chandeliers, including 30 Czechoslovakian crystal chandeliers.

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Coldwell Banker agent William P.D. Pierce announced the listing Tuesday. Pierce, a luxury-home specialist, is also the agent for the $139 million Le Palais Royal mansion in Broward County.

“As you enter Palazzo Grande, it’s as if you have been transported from Palm Beach to an old world Italian villa,” Pierce said in a press release.  “The level of details, exquisite materials and custom design is refreshing and very unique for a modern home. The beauty and craftsmanship of old world combined with modern amenities make this property one of a kind in today’s market.”

Palm Beach County property records show the Palazzo Grande, 5435 Sea Biscuit Road, is owned by John and Amanda Termotto. It was built in 2005.

At $30 million, the property isn’t the most expensive listing in Palm Beach County, but it’s up there. The priciest property in Palm Beach County is the $59 million 89 Middle Road in Palm Beach.

According to the Palazzo Grande press release:

The façade features a portico with Corinthian columns that was inspired by the east façade of the Louvre in Paris. The entire exterior of Palazzo Grande is faced with cast-stone marble veneer, an architectural surface material extensively used throughout Europe.

The kitchen features limestone walls, cherry cabinets, a center island with granite countertop, two pantries, two Sub-Zero refrigerators, two Bosch dishwashers, a 60-inch Wolf range, a custom hood and Venetian-style ceiling with an attached breakfast room.

The dining room is a replica of Venice’s Galleria Academia, featuring a ceiling adorned with 80 hand-carved cherubs. Other rooms include an office, billiard room, den, rotunda library, loggia, lounge and laundry room with two Bosch washing machines and two dryers. A separate guest house features a kitchen, bathroom and laundry room with the same quality of finishings and appliances as the main residence.

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Dayton area real estate transactions

Published: Sunday, March 18, 2018 @ 1:46 PM


Montgomery County


107 Heckathorn Rd;$136,500

38 March Ave;$129,000

222 Villa Dr;$118,000


46 E Alexandersville Bellbrook Rd;$145,000

225 Bethel Rd;$190,000

1870 Piper Ln;$122,500

305 Tuxworth Rd;$159,500

22 Westerly Ln;$139,900

1740 Yardley Cir;$198,000


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4060 Baronsmere Ct;$100,000

3444 N County Line Rd;$142,000

3639 Greenbay Dr;$112,480

6124 Persimmon Tree Ct;$68,000


3517 E 5th St;$62,900

916 918 Creighton Ave;$55,900

1332 Bancroft St;$13,190

121 E Beechwood Ave;$48,000

1054 Berkshire Rd;$132,900

717 Brooklyn Ave;$28,730

1592 Edendale Rd;$39,500

111 Eugene Ave;$72,000

2749 Ferncliff Ave;$35,300

450 Fountain Ave;$62,600

1563 Garwood Dr;$56,000

2513 Glenarm Ave;$35,000

2910 Grace Ave;$64,600

529 Gramont Ave;$28,620

1634 Gummer Ave;$16,000

828 Hampshire Rd;$161,400

619 Hampshire Rd;$60,000

6332 Harvest Meadows Dr;$198,900

5237 Haverfield Rd;$59,300

1677 Hearthstone Dr;$50,000

421 Knecht Dr;$18,000

54 Linden Ave;$162,400

2171 Mapleview Ave;$65,000

6624 McDaniel Rdg;$150,000

68 Parnell Ave;$20,000

1627 Princeton Dr;$25,000

1136 Pritz Ave;$33,000

233 W Riverview Ave;$53,150

113 S Smithville Rd;$66,000

1303 Springfield St;$17,000

1716 Weaver St;$22,000

11 S Woodward Ave;$32,680


7005 Caliente Ct;$140,000

310 Highland Dr;$140,000

216 Pointers Run;$350,000

7001 Woodcroft Dr;$149,500

German Twp.

7034 Browns Run Rd;$133,900


47 Butter St;$127,000

Harrison Twp.

4500 Catalpa Dr;$10,579

2033 Coronette Ave;$35,000

2119 Keenan Ave;$53,500

2238 Nomad Ave;$36,000

1975 Rural Ln;$55,000

527 Valewood Ln;$100,100

Huber Heights

7058 Harshmanville Rd;$63,000

6847 Hubbard Dr;$130,000

4441 Mahler Dr;$82,500

7543 Stancrest Dr;$99,900

7250 Summerdale Dr;$117,000

Jackson Twp.

3694 S Clayton Rd;$600,000

Jefferson Twp.

1448 Blairwood Ave;$20,551

104 W End St;$15,000


1340 Berwin Ave;$71,000

2357 Broadmoor Dr;$125,000

3820 California Ave;$126,000

1851 Clarissa Ave;$86,000

1650 Cloverfield Ave;$144,000

2713 Colonial Ave;$82,000

2021 Courtland Ave;$43,600

2977 Glengarry Dr;$155,000

2919 Greencrest Dr;$152,000

3013 Larue Dr;$80,000

1508 Norton Ave;$107,900

Miami Twp.

2961 Asbury Ct;$50,000

2441 Bushwick Dr;$82,500

5900 Hollyhill Ct;$146,000

6749 Innsbruck Dr;$235,500

2420 Lehigh Pl;$58,000

4771 Loxley Dr;$103,900

2710 Odin Ct;$84,900

2630 Vienna Estates Dr;$235,000

2310 Vienna Pkwy;$240,000


721 Black Moat Pl;$170,000

2191 Cobblestone Ct;$192,000

703 Golden Arrow Ct;$100,000


2713 Holman St;$39,000

3305 Main St;$10,000

5101 Pensacola Blvd;$64,340

New Lebanon

52 N Fuls Rd;$46,000

Perry Twp.

90 Crawford Toms Run Rd;$128,000

10877 Old Dayton Rd;$98,275


4996 Sweetleaf Dr;$153,900


3502 Darien Dr;$76,000

5300 Salem Bend Dr;$41,000

9777 Wolf Creek Pike;$210,000


7848 Brown School Rd;$152,855

Washington Twp.

982 Congress Park Dr;$155,000

2065 Foxknoll Dr;$87,000

12999 Newburg Ct;$247,000

9511 Paragon Mills Ln;$305,000

9508 Tahoe Dr;$212,000

West Carrollton

15 W Central Ave;$25,000

1788 Cherokee Dr;$35,000

650 Cherry Blossom Dr;$68,000

405 E Pease Ave;$85,000

Greene County

Bath Twp.

1227 Folk Rd;$54,500


2430 Anna Laura Ln;$167,000

2929 Bruce Ct;$204,500

4052 Cambridge Trl;$235,000

1705 Countryside Dr;$183,300

3752 Grant Ave Unit R;$110,000

2650 Netherland Dr #104;$119,900

1400 Parkman Pl;$208,000

2444 Patrick Blvd;$160,000

Beavercreek Twp.

2524 Bexley Hill Pl;$365,000

83 Governors Club Dr;$500,000

1944 Hickory Knoll Dr;$84,900

429 Hyde Park Pl;$350,700

2228 Raceway Trl;$322,000

1707 Spring Meadows Dr;$360,000


273 Archer Dr;$30,000

1449 Forest St;$49,000

1415 Gatehouse Ct;$234,000

1613 Greenoak Ct;$122,500

1176 Katy Meadow Ct;$205,000

231 Mann Ave;$105,000

1528 Miami Ave;$75,000

1433 Wiley St;$22,000

1158 Windsong Trl;$240,000

Sugarcreek Twp.

3925 Creekway Trl;$627,500

2112 Erickman Ln;$405,000

2361 Stewart Rd;$348,000

1900 Stewart Rd;$404,900


249 Bedford Ave;$134,900

1164 Crowden Ct;$72,400

606 Edison Blvd;$110,000

2076 El Camino Dr;$170,000

712 N King St;$82,000

Xenia Twp.

936 Livingston Dr;$105,000

752 Routzong Rd;$400,000

Yellow Springs

201 N Walnut St 203;$181,000

Clark County

Bethel Twp.

523 Bowser Dr;$115,000

745 N Hampton;$175,000

2015 Dayton Lakeview;$280,000

305 Lammes Ln;$141,500

1750 Lundgren Rd;$40,000

200 Whaley Rd;$250,000

German Twp.

2850 Dogwood Dr;$272,000

2911 W First;$44,000

Green Twp.

4842 Limrick Rd;$124,000

Harmony Twp.

55 N Buena;$170,000

Mad River Twp.

8120 Gibson Ave;$56,000

8044 Dayton-Springfield Rd;$63,000

Moorefield Twp.

4014 Ryland Dr;$65,000

5545 Ridgewood Rd;$121,000

2911 Willow Rd;$141,600

New Carlisle

918 Firwood Dr;$97,500

Pike Twp.

2957 N Hampton;$109,300


274 S Arlington;$100,100

271 Buxton Ave;$55,500

1808 Damascus Ave;$50,000

538 Damascus Ave;$63,000

430 Bellevue Ave;$12,000

383 Reames Ave;$38,600

364 E Cassilly;$30,000

607 E Cecil;$33,400

2934 Avery Cir;$79,500

3025 Bahia Dr;$134,000

2705 Seymour Ln;$70,000

1305 Selma Rd;$32,000

3214 Woonsocket St;$62,000

1708 Prospect St;$13,400

1860 Broadway St;$23,000

2732 Duncan St;$64,000

Springfield Twp.

824 Lawnview Ave;$88,000

2160 Duquesne Dr;$86,000

Miami County

Concord Twp.

1147 Hillcrest Dr;$200,000

Huber Heights

2523 Sunset Maple Dr;$337,975

Monroe Twp.

640 Kitrina Ave;$35,000


612 Brice Ave;$54,900

717 W High ;$74,900

821 W High St;$65,000

416 Summit St;$20,000

1904 Wilshire Dr;$120,000

Springcreek Twp.

6430 N Piqua Troy Rd;$150,000

Tipp City

225 Miles Ave;$30,000

681 Stonehenge Dr;$275,200

668 Thornburg Pl;$50,000


1425 Hunter Ct;$214,900

1316 Kenton Wy;$169,500

680 Loxley Ln;$292,900

1001 Maplecrest Dr;$145,000

Union Twp.

7435 W Fred Garland Rd;$159,900

7130 S Mote Rd;$136,500

2995 S Shiloh Rd;$160,000

9225 W SR 571 ;$125,000

4175 SR 48 ;$23,000

West Milton

13 S Main St;$102,000

Preble County


254 S Lafayette St ;$55,000

College Corner

114 Eaton St ;$70,000


508 Williams Pkwy ;$123,500


107 Parrish Dr ;$130,000

Gratis Twp.

8329 Pleasant Valley Rd ;$118,400

Twin Twp.

2407 Bantas Creek Rd ;$167,500

Washington Twp.

3630 W 35 US ;$227,500

Warren County


8554 Route 132 ;$74,480


1095 Marty Lee Ln ;$17,500

608 Meadowview Ct ;$155,500

Clearcreek Twp.

349 Crown Point Dr ;$530,000

131 Lytle-Five Points Rd ;$245,000

8797 Sycamore Trails Dr ;$254,000

Deerfield Twp.

5644 Baywatch Way ;$136,000

9839 Cedar Knoll Dr ;$265,000

9085 Fields Dr ;$218,800

9965 Hunter’s Place ;$207,000

6169 Orchard Crossing ;$499,820

8029 Snider Rd ;$100,000

3691 Spring Mill Way ;$243,000

5893 Stone Trace Dr ;$283,000

2653 Virgie Ct ;$391,515


610 Arlington Ave ;$190,486

71 Ascot Glen Dr ;$214,900

48 Faulkner Way ;$122,600

740 Fourth St ;$110,000

Franklin Twp.

7374 Country Walk Dr ;$105,100

3387 Moyer Dr ;$150,000

Hamilton Twp.

6275 Avebury Ct ;$325,000

7794 Dew Drop Cir ;$233,700

6180 Glenarbor Dr ;$163,000

289 Hennepin Dr ;$161,250

6196 Hickory Wood Ct ;$60,000

5278 Man O’ War Dr ;$200,000

1813 Oak Grove Ln ;$493,816

1814 Oak Grove Ln ;$417,845

1560 Shadowood Tr ;$111,100

139 Shepherd Ct ;$692,400

3108 Willow Wind Ct ;$44,000


456 Cherry Hill Ln ;$220,000

924 Clover Dr ;$587,700

452 Glenview Dr ;$165,000

920 B Nelson Ln ;$130,000


301 Eastbury Dr ;$358,450


3725 Acadia Ln ;$404,134

4730 Carriage Dr ;$395,000

4235 Chatsworth Dr ;$440,050

116 W Church St ;$190,000

3625 Crowtrack Dr ;$391,590

6882 Foxfield Dr ;$268,000

6416 Inverness Way ;$162,000

3695 Thorngate Dr ;$188,000

7119 White Oak Ct ;$270,000


2794 Renaissance Blvd ;$314,389

South Lebanon

4612 Kibbey Ln ;$313,875

4588 Kibbey Ln ;$48,375


30 Farr Dr ;$195,000

5 Heritage Ct ;$360,000

10 Red Oak Ln ;$225,000

Turtlecreek Twp.

2403 Bendel St ;$80,000

5097 Hendrickson Rd ;$297,500

771 S Route 123 ;$55,000

Union Twp.

4553 River Cove Dr ;$191,500


1287 Anthony Trace ;$190,000

Butler County


2611 Astro Pl;$115,000

9 Darby Ct;$125,000

5872 Emerald Lake Dr;$355,000

5735 Genevieve Pl;$258,000

3711 Mack Rd;$39,490

3593 Mack Rd;$135,000

6134 Ricky Dr;$141,000

Fairfield Twp.

5815 Brooke Meadows Ct;$199,000

3118 Drew Dr;$200,000

3055 Foxhound Dr;$172,301

6367 Hillgale Ln;$89,100

3938 Schroeder Dr;$195,000

5563 Wanda Way;$137,000


3836 Bedford Ave;$117,000

745 Belle Ave;$27,000

734 Coralie St;$37,000

500 Corwin Ave;$50,000

38 Dayspring Dr;$63,038

253 Hanover St;$56,166

150 Herman Ave;$121,500

886 Mark Ave;$81,500

1800 Morey Ave;$75,000

1919 Pleasant Ave;$42,000

1106 Ross Ave;$73,000

992 Shuler Ave;$32,000

Hanover Twp.

410 Sir Edward Dr;$290,000

1911 Vanda Ave;$30,500

Liberty Twp.

5981 Anmer Ct;$424,855

5961 Anmer Ct;$405,685

6445 Anthony Dr;$262,500

6827 Edgeworth Dr;$333,000

7386 Emi Dr;$245,000

5680 Kingham Way;$69,990

5279 Mariners Way;$333,205

4742 Osprey Pointe Dr;$395,000

5907 Sebring Ct;$526,525

5385 Stony Run Ct;$180,000

8056 Summerlin Ct;$269,910

6571 Willow Dale Ct;$265,000


1214 Baltimore St;$10,000

908 Malvern St;$17,800

1107 Baltimore St;$20,000

713 Fourteenth Ave;$26,000

2120 Fernwood St;$26,800

4002 Riverview Ave;$28,000

4775 Caprice Dr;$35,500

619 Cleveland St;$44,900

4118 Jewell Ave;$54,000

116 Crawford St;$15,500

4552 Shawnray Dr;$60,000

3605 Vannest Ave;$70,000

2733 Bradford Dr;$77,000

4208 Fisher Ave;$118,100

4826 Beechwood Ln;$149,000

5015 Kilkerry Dr;$167,000

124 Kay Dr;$176,000

4501 Rosemont Ct;$222,000

3700 Burbank Ave;$57,000

Milford Twp.

6028 Hamilton Eaton Rd;$85,000

2907 Harris Rd;$265,000


410 Brookhurst Dr;$339,000

202 Lena Dr;$117,000

224 Mason Ave;$108,000

284 Rachel Ln;$249,900

Morgan Twp.

2019 Indian Woods Ln;$320,000

New Miami

58 Whittaker Ave;$21,000


5991 Contreras Rd;$176,500

Oxford Twp.

3871 Millville Oxford Rd;$72,000

Reily Twp.

5468 McCoy Rd;$85,000

Ross Twp.

2084 Cardinal Ave;$17,000

2221 Timberman Rd;$219,000

2162 Venice Blvd;$98,040


9945 Edgewood Ln;$85,500

10135 Mccauly Rd;$183,750

St. Clair Twp.

2101 Jackson Rd;$160,000


384 Deer Run Dr;$131,000

404 Kerry St;$124,900

30 North St;$25,000

426 Westview Ave;$130,278

West Chester Twp.

7962 Albritton Pl;$210,000

4274 College Dictionary ;$10,000

7881 Drawbridge Ct;$245,000

8537 Eagleridge Dr;$271,000

5960 Eaglet Dr;$285,000

7655 Foxchase Dr;$489,000

5067 Foxwood Pl;$55,200

8260 Glenhaven Ct;$252,000

5732 Mccarthy Ct;$265,000

8284 Meadowlark Dr;$200,000

8392 Misty Shore Dr;$271,000

8356 Park (Private) Pl;$518,322

7983 Seabury Ct;$243,000

8013 Seabury Ct;$194,330

7550 Shawnee Ln;$96,000

7958 Threshing Ct;$298,000

7671 Tylers Place Blvd;$1,000,000

7023 Willowood Dr;$282,500

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5 things to do before you start looking for a new home

Published: Tuesday, March 13, 2018 @ 12:32 PM

Be sure to avoid these 6 common mistakes that first-time home buyers often make Not getting a professional inspection Not putting a pause button on purchases Not keeping up with correspondence Not understanding the hidden costs of buying a home Not working with a buyer's agent Not looking into loan assistance programs

If you'd like to buy a house, you may think your first step should be driving by homes you're interested in or visiting an open house. But the home buying process should start before you ever look at a single home.

That way, you'll be in the best possible financial position to get a mortgage loan and will have a better idea of what home features are most important to you.

»RELATED: 6 common first-time homebuyer mistakes that could cost you big time

Take the following five steps before you start looking for a new home:

Check your credit.

Your credit score and history help determine how easily you can get a mortgage and what rate you'll pay. The difference between mediocre and excellent credit can make you pay or save thousands of extra dollars in interest over the life of your mortgage, according to consumer adviser Clark Howard.

He suggests checking your credit score and history on or Look for any errors on your report and take steps to correct them. If your credit is less than ideal, make sure to pay every bill on time each month, reduce your credit card balances and ideally pay them off in full each month.

Save for a down payment.

The most desirable down payment is 20 percent of your home loan, but this isn't required in all cases. However, if you can come up with this amount, you'll probably qualify for a lower interest rate. In addition, you'll need to borrow less money, so this will further lower your monthly payment.

Particularly if you're a first-time home buyer, saving for a down payment can be challenging since you don't have equity in another home. These tips can help make it easier for you to save.

»RELATED: 9 ways to save for a down payment on a home

Get pre-approved for a mortgage loan.

Investopedia says that consulting with a mortgage lender and getting pre-approved for a loan is an important early step in the house hunting process. Your lender will check your credit and discuss loan options with you. You'll find out how much money you can borrow, but you should also be aware that going for the biggest loan you can qualify for may not be the best choice for you. You may find your budget stretched too thin and may resent it if you have to give up weekly date nights or yearly vacations.

Armed with a pre-approval letter, you'll be able to know which homes you can afford, avoiding the frustration of falling in love with a home only to find out it's out of your price range. This letter can also strengthen your bargaining position with home sellers since it proves that you're a serious buyer who can obtain financing.

The best time for first-time buyers to go house-hunting may be over the winter, as the listings of homes for sale grows.(The Atlanta Journal-Constitution)

Make a 'must' vs. 'lust' list.

You'll have to make a distinction between "must" and "lust" before you start house hunting, advises. In other words, you should make a list of what you'd like to have in your new home and what's non-negotiable. Make a list of wants and ask your partner to do the same. Put them in order of importance and look for anything that overlaps on both of your lists. By making a list before you start to house hunt, you'll save your time as well as your agent’s. since he or she should only show you homes that fit your "must-have" list and also contain some of your "would be nice to have" items.

Take a closer look at your lists and consider what can be easily changed and what can't. For example, square footage is hard to change, and so are the number of bedrooms. These items should have a higher priority than, for example, the color of the walls, since this can be changed more easily.

Choose the right real estate agent.

A real estate agent can help you find a home more quickly, since he or she should have knowledge of the home buying process as well as homes in your area and can help show you homes that meet your criteria. You should also be comfortable with your agent, so you can feel free to express any concerns or suggestions you may have and ask questions. suggests following seven steps to find a great real estate agent, from talking with recent clients to gauging his or her knowledge of the area.


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9 ways to save for a down payment on a home

Published: Friday, March 09, 2018 @ 4:28 PM

One big bank is offering mortgages with as little as 3% down. Learn more and see if you qualify for the program.

If you're planning to buy your first home, saving for a down payment can present itself as a significant challenge.

RELATED: House hunters, here are 5 secrets to getting the best home loan

The amount you put down on a house can affect your ability to get a mortgage loan, and the larger your down payment, the lower your monthly payment will be.

Although it can be hard to put money aside and still keep up with your other bills and financial responsibilities, the following nine ways to save for a home down payment can make it easier:

Use extra money that comes in.

By saving money that you get occasionally – such as an income tax refund, a birthday check from your parents or a bonus at work – you can give your down payment fund a boost, according to The Simple Dollar. Otherwise, these windfalls will probably just be spent on your regular bills or splurges, and you won't get any long-term benefit from them.

RELATED: Top tips for selling your old stuff on eBay (and actually making cash)

Sell unwanted items.

As you start decluttering your house for spring, recommends looking for items you can turn into cash. You can get some more room in your closets and garage and pad your down payment fund by selling on eBay, Craigslist or a buying and selling Facebook group in your area.

Pick up a side hustle.

A second job or side hustle can help you earn some extra cash to set aside for a down payment, and you may even launch a lucrative business in the process. Dave Ramsey suggests trying something that you already love doing. So if you enjoy exercising, he recommends walking dogs or refereeing sports leagues.

RELATED5 unique side gigs you'll probably enjoy more than your day job

Make savings automatic.

Arrange to have a percentage of money automatically transferred from your checking account into a savings account earmarked for your down payment. By having it automated, you won't even have to think about it, Nerd Wallet says. You can also use banking programs like Bank of America's Keep the Change, which lets you round up debit card purchases to the nearest dollar and puts the change into a savings account.

Smooth stones with words written on them such as retire, 401k, IRA, Save, and Roth.

Tap into your IRA.

You can withdraw up to $10,000 from your IRA to use for a down payment if you're a first-time home buyer, according to Nerd Wallet. If you're married, the same is true of your spouse. You can do this without paying an early withdrawal penalty, but you will owe taxes on the withdrawal, so make sure to prepare for this.

Consider your mortgage options.

U.S. News & World Report recommends that first-time borrowers explore all their mortgage options, including loans through the Department of Veterans Affairs, the Federal Housing Administration and the Department of Agriculture, which will often finance home loans with low (or even no) down payments.

RELATED: Here's how to determine how much house you can afford

Trim your expenses.

You can save a lot of money just by paying attention to your regular spending, Dave Ramsey advises. Try cutting down on eating out, cut your clothing budget to the necessities and try some generic brands when you're going grocery shopping.

Save your 'extra' paycheck.

If you get paid twice a week, you'll receive a third paycheck for two months of the year. Since many bills – including rent – are often monthly, try to put aside all or at least most of these 'extra' paychecks if you're saving for a down payment.

Cut your high-interest debt.

If you're carrying debt with a high interest rate, such as a credit card balance, BB&T says it makes sense to work on paying it off if you're saving for a home. Any money you're not having to send off to the credit card company each month - with little progress to show for it - could be better spent toward a down payment.

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Should you rent or buy? 5 questions millennials should ask before deciding

Published: Wednesday, March 07, 2018 @ 2:55 PM

Millennials Are Waiting To Own Homes, Economist Says

If you're a millennial (born between the early 1980s and the 1990s), you may not necessarily fall in line with older folks who  in their 20’s and 30’s automatically assumed that buying a home was the epitome of the American dream. 

Some millennials prefer to rent, while others want to become homeowners but don't feel as though they're ready.

»RELATED: 9 hidden costs of home ownership - and how to plan for them

Although the rate of homeownership in the U.S. is lowest for the 35 and younger age group, it's on the rise, increasing from 34.7 percent to 36 percent in the last year alone.

If you're a millennial who's trying to determine if renting or buying is the better choice, the following five questions can help you decide:

Can you find a home that doesn't need work?

Millennials often find themselves saddled with student loan debt. Combine that with stagnating wages and many don't have a lot of extra cash to make changes to a home soon after moving in, according to Inc.

If you've saved for a down payment and don't have a lot of cash left over, you may not be able to afford improvements anytime soon. Consider whether you'll be happy living in a home as it is for several years, as new appliances, flooring and other features may strain your budget.

What extra expenses will you have?

Although the interest you'll pay on your mortgage is generally tax deductible, you'll need to be able to pay for some extra expenses if you decide to buy a home.

You'll need homeowner's insurance, which usually costs around $700 per year on a $200,000 home. You'll also need to pay private mortgage insurance (PMI) if you make a down payment of less than 20 percent on your home. This usually costs between .5 percent and 1.2 percent of the loan value. You'll also owe property taxes and need to pay for regular maintenance and repairs, as well as any larger issues that crop up, such as replacing a roof or furnace.

(Getty File Photo)(jeffbergen/Getty Images)

How long do you plan to stay in your residence?

If you're a renter, it can be a lot simpler to pick up and move for a new job or an adventure in another part of the state or country, according to Forbes. You won't have to worry about selling your current home before you can move to a new one, and the process of moving is generally much quicker and easier. This flexibility can be important to millennials, who often value experiences over possessions.

Experts usually say you need to be prepared to live in your home for at least five years. If you sell before then, your home won't have had much time to appreciate, and you aren't as likely to recoup expenses such as closing costs.

What are your priorities?

Figuring out what's most important to you can go a long way toward determining whether you should buy or rent. Homeownership is very important to some buyers, and it's often recognized as a way to build wealth over the years. Self-made millionaire David Bach told CNBC Make It that "buying a home is the escalator to wealth in America. Homeowners are worth 40 times more than renters."

Millennials, however, are sometimes skeptical about the financial advantages of homeownership since they've seen some of the results of the housing crisis, including falling values and foreclosures. And they tend to place lifestyle pleasures ahead of homeownership, with nearly half of millennials saying they'd rather spend money on traveling than on homeownership. The same is true of small luxuries such as eating out, which are more important to millennials compared to older respondents.

Is there a third option worth considering?

Renting a detached home or townhome is becoming an increasingly popular option, according to USA Today. Although it's certainly not exclusive to this age group, millennials have led the trend. This can be a good choice since you avoid making a long-term commitment and don't need to save for a down payment or pay for maintenance and other expenses associated with buying a home.

This type of rental can be a good middle ground, allowing you to have flexibility while seeing what it would be like to live in a home or townhome instead of in an apartment.


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