Renting a Home versus Buying a Home
A Truly Personal Question Distilled into a Calculator
Its a truly personal question but one that ends up based in a Reality that sometimes is best viewed using a calculator. There are costs to both and considerations to consider outside of a calculator but it can help nonetheless. Some of the assumptions with buying versus renting have to do with how long you're going to live in the area and whether or not you can afford to fix things along the way. Truth be told, there are many many people that are best served by having a 'forced' savings account that is captured in your mortgage payment's principal. I know of many people that without that payment they may not ever have the discipline to save up their next down payment for their next home. Right now, with many of the programs available, your starter home's down payment might be more achievable than you ever believed. If you have questions, call your closest real estate professional and get turned onto a great lender. There are questions to ask and answers to stew on but in the end, the numbers might certainly clear up some of the mud as to whether or not it's better to buy or rent for now.