Is It Better To Buy Or Rent A Home?

Are you sure you want to buy that? So you think you should buy a house? Is it because everyone you know owns their own home or because it's the "in" thing to do and you have to buy one at some point right? Wrong! Many people go their whole lives without buying. They chose to pay rent instead of mortgage. Why would they choose that you ask? There are several reasons why one would choose to rent from a landlord who may be trying to sell a home.

Here are a few reasons why:

Buying a house may cost more on the average due to expenses you would not have by renting. With a mortgage you immediately are out of pocket money for down payment and closing costs. In addition to that you have to figure in the cost of maintenance, any repairs to the home, real estate taxes and even mortgage insurance. You can't forget the economy either. If the market were to drop you would lose money in equity. Often even the rent amount will be less then a mortgage amount.

Lifestyle can play an important role as well. If you tend to move often due to your career you don't want to buy then sell over and over. Constantly travelers find renting is a better option for them because they don't have to worry about the upkeep of the property while they are away.

So you're single without any kids. You're enjoying life and all it has to offer but should that include buying a house? Renting will give you the flexibility you may need at this time. Life when single can lead you in many directions, buying a home will confine you to one place. Then comes the day you get married… wonderful!! Now you may have to sell your home if your new spouse owns theirs or if your house is not the right size, area etc. If it is in the stars and one day the stork bearing gifts shows up; you will want to consider the school district you are in. With there being so many changes in the future for those that are single, renting is an excellent choice.

Renting is also the best choice for those getting back on their feet. The economy knocked a lot of people down and it will take time to build back up. You may have less than perfect credit, high debt ratios (meaning you may not be living within your means), may have had to change jobs recently so you have lost your job security and you may not have a down payment. All or any of these will put you in the high risk category if purchasing a home. This means you will pay twice as much at a higher interest rate. If you rent a house you can save money and rebuild yourself. Once you get on your feet then you can own a house when the time is right.

Owning your own home is an American Dream but it's not always the most conscientious thing to do. There is nothing wrong to renting a home and choosing not to buy. Look at your situation and choose what is right for you now and in the future. Don't be hasty, take your time and do what's best when it's best.


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