Rent Vs Own your own Home
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It's a confusing time in the market. On one hand, mortgage rates are at record low, and in many cities, home prices have went down. But on the other hand, the economy remains weak. No wonder some people are sitting on the fence, trying to decide if it's better to buy or rent.
While renting can be easy- you pay your rent, and someone else has to take care of the property- you need to consider the rental market and the housing market to make an educated choice on either renting or buying. If the rental vacancy rates are low in your area, you may expect to pay more for rent. This is true in today’s market, when many potential homeowners are afraid to buy.
It could be much more worth to buy now, if you can afford to, than renting. Many smart homeowners end up becoming landlords in this market, since they made a decision to buy in a low market prices and historically lower rates. Not only their monthly payment is lower on the new purchase, but the market also allows them to have good tenants and collectively pay less per month than renting, all while building equity in their homes.
If you have less-than-perfect credit, and think your only option is RENT, that is not true. Renting has many disadvantages, especially if you can afford to buy a property. But even with today's lowest mortgage rates, and with homes becoming more affordable, home buyers still need to better educate themselves about the costs of ownership. That's why talking to a honest broker who will analyze your financial status can make all the difference.
If you are thinking of buying, and/or consider renewing your rental agreement because you think you cant afford to buy, don’t hesitate to contact me and I will sure advise you on what is best for you.