RENTING VS BUYING

Is owning a home always the best option?

Not necessarily. Taking the rental route may make more sense if the following things apply to you:

1. Your rent is at least 35% less than what it would cost you each month to own, including mortgage, property taxes, maintenance fees, utilities, etc.

2.  You hear the word upkeep and think oh no.  If you don't have the time, the money or desire to tend to ruptured pipes, broken air conditioners or lawn maintenance, rent.

3.  Your total debt(Mortgage, credit cards, car payment) is more than 40% of your gross income.

4.  You plan to relocate within four years. In most cases, housing prices don't rise fast enough to cover the costs of buying and then quickly selling.  Once you tally all of the attorney's charges and other transaction fees, it is an expensive process.

5.  You are not excited about either the home or the neighborhood you can afford.  Hold out for what you want.  

6.  In a market where many people are purchasing investment properties there is always the possibility of being able to afford to rent the house of your dreams for less than what it would cost to purchase this home.

7.  Check with local Real Estate Agent who specializes in Property Management.  This person would be able to tell you the trends in their market.  Each market in each city or state is different.