Is it better to buy a home or rent a home? That is the question that is on so many minds today. The interest rates are historically low but in so many markets, the prices still haven’t stabilized.
The best reason to buy at the moment is that prices are low, rates are low, market supply is great and there are some good deals to be had. Although, on the other hand, there are a lot of short sales out there and that can be good if you don’t mind waiting for the bank to make decisions.
RENTAL PROS AND CONS:
* A lease is fixed for the term of the lease so you can plan ahead each month
* Repairs are usually handled by the leasing office
* Minimal upfront investments
* Poor credit history may be forgiven easier
* At the end of the lease, you can renew your lease or move to a new location
* No equity building if you rent
* No tax advantages as compare to owning
BUYERS PROS AND CONS
* Home ownership and pride
* Long term tax benefits
* Building equity even if the home value stays the same.
* Ability to remodel and decorate as you like.
* Downpayment will be required
Today’s market is constantly changing. I have seen fluctuations over the past 10 years where it has been a seller’s market to now being a buyer’s market. In most cases, some sort of downpayment will be required. One of the most popular loans available is an FHA loan. An FHA loan will require that the buyer has 3.5 % of the purchase price to be used as a down payment. If you qualify for a VA loan, you can qualify for 100% financing.
For more information on buying or renting, contact Renee @ 704.609.4241 or email @ renee@reneeinfinger.com
Renee Infinger, ABR, CRS
Realtor/ Broker CB United Realtors
USAA
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