RENT vs. BUY??
It's a lot more complicated than a simple financial comparison.
Think about the RENT WHAT, WHY RENT, RENT WHERE, and so much more.
My experience is that the final costs of home ownership is little known by prospective home buyers. They have no experience with a leaking roof, a refrigerator that suddenly isn't cold, water penetration in the basement, etc.
YET THEY BUY. Why???
1. The love of HOME is, IMO, the #1 motivator for first time home buyers. Memories of the family home is a strong motivator.
2. Transportation alternatives. With a very tight rental market, many families simply cannot find suitable rentals within an easy commute of their jobs.
3. Public schools. Don't underestimate the importance of school selection on the family.
4. The culture of home ownership. Goodness, TV shows from the 1950s generally showed the family in a HOME, not a rental. Even Desi and Lucy eventually moved to the country into a HOME. Movies featured home buying or building scenarios.
5. Rents are higher than at any time in recent memory and the percentage of income to rental costs drives many folks to consider buying.
6. Low interest rates are critical to the dynamics of Rent vs. Buy. Cross your fingers.
HOME OWNERSHIP is no different from owning vs. renting almost anything. Folks want to OWN things in their life. Shelter is essential and folks what to CONTROL where, why, how they live.
For help finding your dream home, contact Lenn Harley, 800-711-7988.
WE CAN HELP!!
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