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Renting vs Buying…Which one is Best for you?

Freezing your monthly payments is where the real benefit is! 

 

It’s better to buy a home than to rent one in most cases.  But not in every case. Comparing buying to renting is actually a fairly complicated endeavor. However, there are a few easy guidelines you can use to aid you in your decision.  Buying a home is usually more beneficial than renting except when:

  • You intend to move within a few years

  • Your rent is very low

  • You don’t expect to live more than another 15 years

 

Let me help you start building equity vs. “throwing your money away”

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters may be able to buy now!

Bottom line, if you are one of the many renters who is fed up with rising rents but may be confused about what is required to buy in today’s market, let’s get together to help you on your path to homeownership!