Is it ideal to rent or to have a home?

Asked by YVETTE.LAGUNAS, Elgin, IL Tue Jul 10, 2012

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6
Eileen Kelsa…, Agent, Algonquin, IL
Wed Jul 11, 2012
Hello Yvette,

Now is the time to purchase if you qualify. Rents are rising and many of my clients who only thought they could rent are pleasantly surprised when I show them the diference between renting and purchasing a home. I work very closely with a financial partner who can review your financial profile and recommend your appropriate course of action. Elgin is very popular with my client list and I am very well qualified to assist you throughout your entire homeownership process. Please contact me if you desire my assistance.
0 votes
Maria Ascenc…, Agent, SAINT CHARLES, IL
Tue Jul 10, 2012
Yvette

This is truly the best time to buy. Rents are high, interest rates are at record low along with very affordable properties.

Please contact me with any questions you may have.

Maria Ascencio
RE/MAX Platinum
630-945-0139
0 votes
Mark Risting, , Schaumburg, IL
Tue Jul 10, 2012
Yvette,
Home ownership usually beats renting. In recent years, with home values decreasing, people were facing the fact that their homes were worth less than what they paid for them. Many of them went into a short sale situation or foreclosure. Today, with mortgages harder to get, only those who are well qualified can get a mortgage with a historicly low rate. Home values are lower than they were a few years ago. With all this to consider, one could have a house payment today lower than a rent payment would be for a similar sized property. Also, much of that house payment may be tax deductable. Rental payments would not be tax deductable.
The questions is...are home values going to continue to go lower? No one knows. It seems things may be bottoming out and in some cases, prices are starting to increase.
People seeking to buy in todays market would have to ask themselves what they would need as opposed to what they want. The comments from the other agents all make good sense. If this is something you would like to persue, I would be happy to advise you further.
My office is in Schaumburg and I am very familiar with the area. Do not hesitate to contact me if you have any other questions,
Mark Risting
Broker
Prudential Starck Realtors
630-550-1953
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Tue Jul 10, 2012
With rental prices as high as they are, owning is usually more reasonable. Plus, you get tax deductions for mortgage interest and property taxes and get the benefit of future equity. Plus, statistics show that ownership is better for family harmony and does reflect positively on kids test scores at school (true statistic).

Plus, you get more stability and you can have the right to change your home, put a nail in the wall, get a dog, get a pool - whatever. You do have to pay for any repairs to the home, but you don't have to ask anyone's permission.

Buying comes out ahead most of the time, economically and in quality of life. Only you can decide what is best for you.
0 votes
Darrell D. D…, Agent, Schertz, TX
Tue Jul 10, 2012
Yvette,

Think of it this way....if you rent a home for 24 months and leave, you have everything you own in your U-Haul and 24 months worth or payments long gone. If you own a home and pay a mortgage for 24 months, you have 2 years of equity in a home meaning you owe much less than when you purchased & though many years away still, you are 2 years closer to owning a home outright than if you rented.

When you rent, you are buying someone else's house for them. If you have good credit and can afford to purchase, now is the time with interest rates so low. Good Luck!
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Edith Karoli…, Agent, Winnetka, IL
Tue Jul 10, 2012
I am assuming that your questions refers to either buy a home o rent ..... now this depends very very much on the location, assuming you are looking in Elgin.... and how large a property you need....

Then would this be your first home, you will have to understand that you will have to do repairs to a home, as you go through the years of ownership, you need a nice amount of down payment to buy a property, you need to get a loan, therefore a lender has to pre qualify and then pre-approve you, your credit, your income and your other obligations like car payments are all taken into consideration to
determine how much money you can borrow and therefore the purchase price! Then you can think if
what you can afford to buy fits your needs.

So it very much depends on your financial standing, and also for how long you want to stay in the home, once you buy it.... Since there are so many things to consider and think about, you should never do this on your own, you need an experienced Realtor on your side to as well as a good loan officer, and between the two of them they will guide you to the full understanding of the process and also figuring out, what you can rent and for how much and what you can buy, closing costs, maintenance costs, taxes and loan payments and association fees if you should consider buying a condo or townhouse with an association.

If you need the recommendation of a good Realtor in Elgin, let me know and I gladly recommend
a good partner agent to you as well as a good lender, so that when you decide what to do you will
be making a very well educated decision.

Let me know how else I can help. :)

Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties, 30 Green Bay Rd, Winnetka, Illinois 60093 ---- EdithDoesItRight@yahoo.com or EdithSellsHomes@gmail.com Check out my website at htttp://www.tinyurl.com/MeetEdithHere
get to know me better and learn about my experience, expertise, services available and letters of recommendation of former clients..... Also you can sign up on my site to search for properties in my expanded service area. HAVE THE MOST WONDERFUL DAY :)
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