Renting Vs Buying

Renting Vs Buying

Everyone needs a place to live. But when considering where to live one must first consider whether they are going to rent a place to live or are they going to buy a place to live.  Over the next few months I will take you through the pros and the cons of renting and buying which will hopefully help someone make the right decision for themselves. Please take into consideration that a person’s feelings and commitment level is a grand factor to making decisions and no matter the outcome of the facts the smarter choice for them may not be the smart choice for you.

Unfortunately, first we must debunk some things people may think about buying a home. First and for most is that a mortgage payment is not set in stone. They are as different as the people that pay them. Depending on your budget and the amount you wish to pay each month will dictate the cost of your mortgage.  Picking a mortgage is just like picking a rental payment.  The only difference is you are discussing the mortgage payment with a financing officer versus a landlord or rental office.  Just like figuring out how much rent you can pay by adding up you bills and utilities, you should do the same thing with a mortgage payment. Included in your mortgage will be your yearly property taxes and insurance. As a result, that will dictate how much you can offer on the purchase of a home of your own. Therefore, no matter what you are paying for rent right now, you can take that same payment and apply it to the purchase of your own property because money is not a barrier as long as you have an active budget for housing.

Liz Abrams Headshot
Phone: 757-644-3800
Dated: September 14th 2017
Views: 213
About Liz: Liz Abrams is co-founder and CEO of Abrams Realty. She and her Husband, Jim, Abrams, own and manage ...

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