Should You Rent Or Should You Buy?

It's not your imagination: rent prices have been rising all over the country, and some renters are fed up enough to begin looking to buy a home. Buying a home is not for everyone, but skyrocketing rent prices can make it seem foolish to keep paying money to a landlord or property management company when you could be in a home of your own. To help you make this decision, read on and consider just a few of the ways that owning instead of renting is a superior choice.

All about the money

Speak to a lender about potential loan payments on a home similar to your rental to get a better idea of what to expect. While you may be shocked to find that you would pay less a month to buy the home, don't forget about taxes, mortgage insurance, and homeowners insurance.

On the other hand, the money you do spend on a home of your own is going back into the home and not making some other homeowner rich. Every time you make a mortgage payment you are building equity in your home, which means value. Leaving one rental home for another usually ends up costing more, but using the equity in your home to buy an even better home can only be realized with ownership. Additionally, you can now reap the tax benefits of being a homeowner.

A home of your own

Those who've lived in rental homes for a while know the frustration of having to deal with ugly wallpaper and nasty carpeting and being unable to do anything about it. Your own home is yours to do with what you want, and if you want to paint a wall purple you are free to do so. If you're tired of telling your children that you cannot have a pet because of the landlord's rules, now you can. You can hang things on the wall, plant flowers in the yard, remove those popcorn ceilings, and set about making the home truly your own.

No worry about rent increases

Once your lease is up, your expected rent could be, too. Unless you have an adjustable rate mortgage, buying a home allows you to budget without having to worry about the rent going up.

Stability and community

Once you are an owner, your attitude about your city and neighborhood is likely to undergo a change. Things that you might have felt powerless about when renting now have you showing up at city council meetings. Your stability and feelings of permanence can enhance your feelings of belonging and security as well.

Speak to a real estate agent and begin to take advantage of all of the above.