Over 40 million individuals and families live in rental housing. In 2014 renters were spending more than 30% of their income on housing costs. It is predicted that rents increases will continue to rise in 2016.
Although there will continue to be a rise in rental prices, renting can have its advantages. If you are renting and apartment, condo, or townhome, the landlord is responsible maintenance of the property etc. Many individuals do not want the feeling of being tied down to a mortgage and like the flexibility of being able to find another place when their lease runs out. However, if they choose to stay, renters will inevitably face rent increases at their lease renewal.
Buying a home has its advantages as well. Purchasing your own home gives you a feeling of accomplishment. If you are a first time buyer, there are several incentives and loan programs that are geared toward your purchase. There are also tax breaks for first time buyers! If you are renting, the investment benefits the landlord. If you are paying a mortgage, the investment is yours. Loans with a fixed interest rate means that you will see little change in your mortgage for the duration of the loan.
Dont let the fear of the unknown prevent you from considering buying a home. If you are a first time buyer, find a local real estate agent you specializes in first time homebuying. She will be able to give you the pros and cons of renting versus buying. Also, find a loan officer who will take a look at your finances and credit report. They will be able to tell you what you should and shouldnt do in order to prepare for a purchase and guide you to the best loan product to meet your needs.
Finally, take the time to research your options. You may find that purchasing a home versus renting is the best investment in your future!
For more information about homebuying, contact Sheri Jones at 909-660-1838Sherijones2012@gmail.com #RentingVSBuying #RealEstate #HomesBySheri