The Renters Dilemma - To Rent Or To Buy?
By Paige Martin
A lot of renters dream of the day that they can make a monthly payment for their living quarters and know that that money will serve them well in the future.
In other words, they are excited about being able to make mortgage payments and invest in something that they own instead of constantly paying money just to be able to live in their home for one more month.
This is the reason that the majority of renters wish to change their current situation and picture how great it would be to buy a home.
But before any decisions are made, there are things to consider before deciding to buy if you are currently renting.
The first thing to consider is the cost of buying a home. First, there is the down payment, which can be as little as five percent or as large as twenty percent.
But it doesn't stop there. Once the down payment is made and the home is purchased, there are many other costs that need to be weighed.
These include the monthly mortgage payments, property taxes, home insurance, and any repairs or upgrades that need to be done within the home.
But these costs do not mean that it is a bad idea to buy a home. Buying a home is a great option for many people. The home serves as an investment for the future as it builds equity for the homeowner.
And of course, it is always good to know that the money you are paying every month in those mortgage payments is going towards something that you own, instead of just into someone
else's pocket.
Owning a home also means that one has the freedom to do whatever they wish to it, whether it be adding on another bathroom, tearing down a wall, or painting the kitchen a vibrant red.
And just because one buys a home does not mean that they are stuck living there forever even if their situation changes.
Home selling and buying can be an exciting experience and with resale value, another way to make money off of the home.
There are many pros and cons to buying a home when individuals are renting. These need to be carefully weighed to determine what will be right for the individual.
Owning a home is a great dream to have but one has to be able to see the reality of it to make a good decision. |
