Why should I think about buying instead of renting?

Asked by Anja Richardson, Southern Pines, NC Wed Feb 27, 2013

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Kevin and Ju…, Agent, Wildomar, CA
Wed Feb 27, 2013
While everyone's circumstances vary, we recommend that you visit with a reputable mortgage lender. Good luck!
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, ,
Wed Feb 27, 2013
It all comes down to your unique circumstances. A lot of the blowhards in the real estate or mortgage business are going to tell you that buying is always better than renting, but for some people that is just not the case.

Buying a home can be a wonderful thing. The cost of borrowing is at it's lowest ever, home prices are relatively low, and there are tax benefits associated with buying a home. Plus you have a portion of ownership in something and you can do what you please within reason. Rent prices have ticked up in recent years so this may be an opportunity to pay less and actually own something.

Before buying a home I would advise you to make sure your finances and credit are in good shape. You should put yourself on a monthly budget and track it a few months to see what's coming in and what's going out. hopefully you are saving a little each month. This will help from the standpoint of getting a down payment as well as building up savings to cover any costs of homeownership that come up. If a pipe bursts in the middle of the night, you've got to pay the plumber to come out as opposed to your landlord setting it up.

If you tend to live paycheck to paycheck and have a difficult time anytime the unexpected occurs, then homeownership may not be for you. If you need a new roof or furnace then you need to be prepared. I would say if you plan on moving any time within the next 5-10 years then you might be better off renting. If your dream job comes along in Atlanta and you have to cut a $10,000 check to sell your home, you wouldn't want this to stand in the way of your dreams.

This article is a pretty good read. You should check it out. A lot of good points:

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Anja Richard…, Agent, Southern Pines, NC
Wed Feb 27, 2013
With the lowest Interest Rates for the past years and a great variety of homes on the market I definitely would recommend buying instead of renting. Rent prices have increased in the past 2 years.
Of course if you only plan to be here for a short time, maybe a year or two, it might be better to rent.
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