Buying VS Renting a Home
We Buy Houses Buyers: If you are certain that you are in a place where you will want to stay for many years, by all means, look for a home to buy, rent to own, or lease option. It is always better to use your monthly rent money to pay your mortgage instead of paying the mortgage of the landlord.After several years of home ownership payoff, you will have bought an interest in a piece of real property.
After several years of renting you will have lived in the place, you called home but when you leave you to leave to start over with nothing to show for your money. Since the housing costs of the average family are anywhere from a fifth to as much as half of their incomes, it makes little sense to put the money into a black hole never to be recovered when you can put it toward equity on your property instead.
This only applies if you plan to stay where you are for awhile though. If you aren’t sure of your employment or you don’t like your neighborhood, it isn’t a good idea to buy. Instead, it might be a good idea to look where you would like to live and where you know you can afford to buy, and then take the necessary steps to prepare your credit and save for a down payment.
The biggest down payment you can afford is best, so if it takes a while to find just the right home, that’s ok. You can be gathering your buying power resources along the way while you are looking.Rent to own or lease options is great transition offerings. For one thing, you can pay to live in the house and see how you like the neighborhood, the schools, and the weather.
If you like it, you can continue with the program and get a traditional loan when the program deems it necessary. If you decide you just can’t live where the neighbors play raging loud music day and night, and no one else seems to mind, you can easily move on to another neighborhood. If you have signed a mortgage loan and bought a house in a neighborhood you know nothing about, you will be stuck until you can sell the house. That’s not easy these days.Look for a house you can afford to live in and easily keep up the maintenance and repairs, so if you do sell someday, it will be in premium condition. For rent or lease option houses, try real estate investors as many of them offer rent to own homes.
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