Wednesday, September 1, 2010

Should I Rent or Buy a Home?

Some of you may remember a previous blog that I shared my opinions and views on this age old question. For those of you that may have missed it, I am a strong advocate of owning your home as I am of owning anything you have that choice over.

To start, whether its your mortgage or your landlords, be assured that you are paying a mortgage now. Wouldn't it be wiser and financially responsible if possible to pay your own? Now its not always that easy as we all know. Sometimes getting a loan isn't in the cards, possibly you need to save more or work on your credit.

No matter what your reason for renting, if owning a home is a goal of yours there are many ways to go about it. Traditionally ranking at the top is to get a loan from a bank / lender, but others will rent to own a home which is also very popular now. Contact me or another industry professional for advice on different ways to set this up if your considering this.

A blanket statement regarding renting vs. owning doesn't always prove that owning is the best option. In some cases based on age, amount paid now for rent, there are exceptions to this rule.

Use the following link to connect to a financial calculator. Enter in your relevant information now as it pertains to what you pay in rent and compare that with various home values for similar properties in your area that you could purchase. A typical mortgage rate that you could plug in would be 6%. Most loans are made for 30 years, and a typical home insurance rate may be $300 to $700 per year for most starter homes priced under 300K.

Here is the link: http://finance.yahoo.com/calculator/real-estate/hom06

Consult a professional and find out today if you qualify for a loan to own a home and follow the above link to determine if financially its a better option for you and your family!

1 comment:

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