Renting vs. Purchasing a Home

In today's real estate market, some buyers are opting to rent properties rather than taking on the risk of home ownership. The reasons vary; possibly it's due to the fact that their current credit rating may not allow them to qualify for a mortgage at this time or some buyers would rather not take on the responsibility of owning a home so they also choose to rent properties rather than purchase, even though they could easily qualify for a mortgage. Their work schedules may take them away from home quite often, so leasing a property is a better option for them, which is totally understandable.

Renting has its benefits for sure but it also has negative aspects as well. As a renter, your landlord is responsible for the overall upkeep of the property so you do not have the numerous responsibilities of a homeowner which can be appealing to some. However the negative aspects of renting versus buying are more numerous ... You have no tax write-off and you do not build equity over the long term so you are literally throwing your hard earned dollars away with nothing to show for it.

Also, renters pay much higher costs to lease properties over a long term period than they would if they owned the same property. (See link below for more info.) If you're contemplating renting versus buying please meet with a reputable financial planner or mortgage advisor soon so they can go over your options. Today is the very best time to take that step toward home ownership and start building equity to benefit both you and your family over the long term.

Our current real estate prices and interest rates have not been this low in many years so take advantage of them now before it's too late. We are being told by financial experts that the seller's market won't return for about four to five years so even though sellers will attract higher prices for their homes at that time, it will also be much more expensive to purchase homes at that time.

The American dream of home ownership is still very much alive, so do your research and look into available options. You may think that you need to rent, but there are many mortgage programs out there that you may quality for so please take the time to make a few phone calls today. It will be well worth your time and effort down the road when you're a proud homeowner building equity.  

Please view this article: "Renting: Truly a Better Option?" http://www.kcmblog.com/2011/04/29/renting-truly-a-better-option/