Thursday, August 23, 2012

Rental v. Purchase...

I have had several calls in the past day or so with folks looking for rentals in our area.  Upon further investigation and much to my surprise, these folks thought that they would not be able to purchase due to credit issues or lack of credit.  One guy even thought that he could not afford to purchase.  I still find this so hard to believe that after all of the hoopla that we have endured, as it relates to banking/lending, that the message is not more clear from the top down; purchasing a home makes sense as opposed to renting for "most" people.

Now, you should NOT purchase a home if:

*You plan on moving every few months or years
*Don't believe in paying bills on time
*Don't believe that legal documents and the obligations that ensue apply to you specifically (i.e deeds of trust/mortgages)
*Don't like to maintain anything
*Don't like tax deductions
*You believe housing should be free

You should buy a home if:

*Your rent is going to cost more than your mortgage payment
*You plan on being in the same area for at least 2 years
*You like tax deductions (interest and MI)
*You like making improvements to your surrounding knowing they benefit you
*Don't mind taking care of what you call "yours"
*You understand that owning a home creates stability for your family and a sense of place in the community
*You take seriously your financial obligations and commitments (I understand that job loss and extenuating circumstances are sometimes unavoidable)
*You are willing to take a serious look at your budget and the affordability of your new payment

If you would like to discuss further your personal options, I would love to talk with you further...who knows owning a home just might be right for you?!  And if you currently own a home and decide that renting just might be the better option, call me too, and we can talk about planning on getting your home sold and finding you something that requires less energy...Happy House Hunting!

**Please note, some of the bulleted items are meant to be tongue in cheek...don't get worked up!!  Feel free to add other points for fun**