People ask me the question all the time whether it is better to Buy or to Rent.
Like many important financial decisions it all depends on your individual situation. Here are some quick tips from FreddieMac.com
Buying may make sense if you…
Have reliable income, good credit and documentation to verify your savings.
Can afford at least a five percent down payment and related closing costs.
Want a chance to build equity and be eligible for homeowner tax breaks and credits.
Are financially able to take on home-maintenance/improvement projects.
Have an adequate cash reserve to withstand a loss of job, long-term illness, or other financial setback.
Are planning on staying in your home for at least four years.
Renting may make sense if you…
Have a career or lifestyle that requires you to move frequently or suddenly.
Prefer having a set monthly budget and cannot afford unforeseen home-maintenance expenses.
Do not have the time or desire for home maintenance /improvements.
Enjoy having amenities such as a pool, gym, concierge and tennis courts.
Plan on downsizing your living space or retiring in the near future.
Are experiencing a financial setback and/or rebuilding your credit.
Read the Entire Article Here at FreddieMac.com.
In addition to the Tips above there can be also several Market Conditions that can make a situation better or worse if you want to Buy or Sell a Home. RealtyTrac.com has a great comparison chart for Buying VS. Renting Real Estate.
The advantages of owning or renting are different for everyone, so be sure to consider these important personal situations and long-term goals before making your decision.
If you still need help you can use this handy Rent Vs. Buy Calculator by Trulia.com
[ Click Here ]