February 10, 2007

Buy a House? Or Continue to Rent?

Buy a House? Or Continue to Rent?

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If you're a renter wondering whether to take the leap into homeownership, it may all seem a little overwhelming.

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When considering whether it's better to remain a renter, your area's real estate market should be one consideration.� But it's not the only one, and it may not be the most important one.� Here are some things to ask yourself when considering whether to become a home owner.

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How does it compare to renting?

When renting, it's easy to calculate whether a new apartment will fit in your budget. Just ask about the monthly rent and the average utilities. Once you start thinking about buying a home, this calculation gets a lot more complicated.

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Will you remain in the house for more than a few years?

Housing prices have definitely skyrocketed in many regions, but that doesn't mean they'll stay on that path forever. A few areas have seen prices starting to decline. That can be great when you're the buyer, but not necessarily when you're the owner.

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You'll want to stay in your home long enough to at least recoup your buying costs. If you know you'll move in less than three years, your house may not have appreciated enough to cover those expenses. You may want to plan on staying at least three to five years to give yourself more time to cover your costs.

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Can you make the down payment?

To get the best mortgage, you'll need to be able to put down 20% of the purchase price of the home. You can get a multitude of mortgages that let you avoid that down payment, but some can be costly. You'll either have to pay private mortgage insurance to protect the lender in the event you default, or you'll need a second loan that will probably come at a higher interest rate.

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What else would you do with the money?

If you purchase a home, you may shell out more each month for your housing costs. That doesn't mean it's better to remain a renter. You're likely to get a discount on some of those costs, including mortgage interest and property taxes, through various tax deductions.

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Also, your mortgage payments won't climb every year with inflation, like your rent can.� Unfortunately, the same can't always be said of your property taxes.� When you pay your mortgage each month, you're building equity in your house. When you pay your landlord each month — and he keeps raising the rent — you're not gaining anything but the same old apartment, for more money.

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Talk to us and let us help you decide if owning your own home is right for you or not.

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