In Ft. Benning GA is it better to Rent or Buy?
Lately I have been receiving a lot of calls from people moving into this area that want to rent instead of buy. I understand. With everything that is happening in the nation and the effect it is having on our economy it has shook consumer confidence and so it is very scary to think about committing to a 30 year payment.
I would like to show you the other side of the story as it applies to to Ft. Benning, GA, Columbus, GA, Phenix City, AL, Ft. Mitchell, AL and Harris County, GA real estate market.
Ft. Benning and other businesses like AFLAC, WC Bradley, TSYS, Synovus, have kept our economy more stable than most in this recession. Our Chamber of Commerce has helped bring new businesses into this area like NCR.
Ft. Benning is about to have a HUGE expansion as they bring the Artillery Training School down here. This has been gearing up for several years since BRAC announced this massive change. This will impact our local economy by tens of thousands of people moving into this area. We have already started to see them coming but the major move is planned for Sept. 2011.
So, we have this pocket in the market right now that will likely change dramatically in Sept. 2011 when this area has a huge amount of Buyers or Renters coming into this area.
Basic economics tells us about supply and demand. Right now when the supply is high and the demand is low the prices have fallen. Next year when we have a surge on demand the prices WILL rise. It is an economic law that like the law of gravity does not fail.
So it's stands to reason that this is an EXCELLENT time to buy in the Ft. Benning, Columbus, GA Phenix City, AL area.
However, with the changes in the lending regulations many cannot qualify to buy. They must rent. For those I make the following suggestions
1. Talk to a Lender before you decide. A lender will pre qualify you or find the reasons why you do not qualify for a loan. Your lender and REALTOR can then work with you so you will qualify as soon as possible. It may take a year but it may only take a few months to get you where you need to be to qualify for a loan.
2. When signing a lease ask for a BUY OUT CLAUSE. You may have to pay a little more each month for this but what it does is gets you out of your lease if you buy a house without paying a penalty. This is where your lender and REALTOR can help you to determine your time frame and calculate cost vs time.
3. When signing a lease ask for a shorter lease period. You will pay more for this but if your lender says that you can be ready in six months why tie up your time and money for a year. You want to be able to get the jump on a purchase before the masses move in.
If you read history, Millionaires are made in times like this. When all others are afraid and take no action they are buying things up. They have put themselves in good financial condition so they can take advantage of this type of situation.
Think and Act like a Millionaire! Become recession proof!