Should You Buy or Rent a Home?
|Is home ownership the right path for you? Should you rent instead? If you rent will you be jeopardizing the possibility of home ownership in the future due to rising real estate values? How fast will your family grow and how much space is needed for your family and their activities? How much money do you have to pay for housing? When is the best time to buy a house?
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With the rising cost of home ownership in America today, combined with low mortgage rates, many first time buyers face are challenged by the answers to these questions.
Buying and owning your own home is more complicated than just having the money for the down payment and monthly mortgage payments. Owning a home requires a tremendous commitment of funds, time, and attention. For some people, owning is not the best or only way to have a comfortable and safe living environment.
The following topics should help make your decision a little easier.
Advantages and Disadvantages of Renting a Home
|For some, renting can be the best option. Considering the high cost of a down payment on a home, financial considerations are of top priority. Renting can be viewed as a temporary solution while you plan your future.
The ADVANTAGES of renting are as follows:
The DISADVATAGES of renting are as follows:
Advantages and Disadvantages of Buying a Home
|The ADVANTAGES of buying a home:
The DISADVANTAGES of owning a home:
Define Your Values
|Decisions, decisions. The very best way to proceed is to list all the factors about your life that are important to you.
Are You Ready for Home Ownership
Life can be greater than you thought or it can be a nightmare if you do not consider the neighborhood as part of your decision. Here’s a list of things to check and consider.
|If you are buying consider what the neighborhood offers for you and your particular lifestyle. Furthermore, this might be a good time to evaluate your particular needs and how they might affect the potential to sell the home in the future. As an example, suppose you choose a home far from schools and children’s parks because that is not a concern for you in your life now. What you might want to consider is how distance from these facilities might affect the ability to sell your home one day to buyer who may have a keen interest in those things. Conversely if you are renting, these may or may not have a bearing on your life now or after you move.|
The Apartment or Home Itself
How Much House Can You Afford?
|Buying a house commits you to a long-term relationship with a mortgage and requires a considerable amount of time and energy that most homeowner will tell you becomes second nature. American consumers spend from 21% to 54% of family income on their housing. How much each family spends on housing depends on many factors.
Three basic considerations that can help a family determine how much home they can afford are:
Because of rising prices and increased housing-related expenses, the old rule-of-thumb on how much to pay for a home no longer applies. For the best advice on what type of loans are available and what to apply for, please contact me for the best recommendation.