Buy Or Renting A Home What Makes Sense?
Below I present points on both sides of the question whether it is better to rent or purchase a home and I leave it to each individual to decide according to their own wants, goals and current financial picture...I choose to own my own home!
Have you noticed that rent rates have been steadily edging up? You're not imagining it and as a matter of 
fact over the last 12 months or so rents have increased over 6% across the nation with some markets reporting up to a 10% increase. Maybe the time is now to re-think renting and reconsider home ownership.
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If you decide you need more specific home owner information for buyer/seller tips, title, escrow or mortgage information visit my buyer/seller information website page.
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Home Ownership Costs
There's a variety of costs and benefits that are associated with and depend on whether or not you are renting or purchasing, so at a glance a simple comparison of scheduled payments could give the impression that buying versus renting is the best option or vise versa. However, for a more meaningful and dependable rendering of the real difference between the two the following link to a: New York Times Article will be of benefit and provide great comparative information by plugging your own information. By using the sliding scales you can adjust purchase price, how long you expect to be in the home, interest rates, taxes, length of mortgage and other significant data for a more detailed and accurate comparison. It's important to remember that just like there are several costs associated with purchasing a home there are also a number of costs that renters must consider such as pet deposits/fees, renter's insurance, brokers fees and the possibility of future rent increases.
You should also consider the likely-hood of reducing your income tax liability since mortgage interest could well be deductible along with property taxes, but this only works when you purchase your home.
Before you decided to purchase you should contact your Realtor for guidance about additional home ownership costs and budgeting for future repairs and maintenance such as HVAC systems or a new roof. If you're considering purchasing your home in Huntsville Alabama feel free to contact me by email or visit my website for Your Huntsville Real Estate Resource.
Other items to consider when purchasing a home are tax increases, special assessments, levies for schools, neighborhood and city improvements. Any of these can increase you payments or overall costs of home ownership.
When purchasing a condominium or town house governed by an association, expect dues to rise and the possibility of special assessments. Home owners insurance is another cost that is not typically static.
Also, consider that with home ownership you don't have a landlord who is responsible for lawn care and watering. You will need to arrange for these things. If your home is damaged by weather such as hail storms your insurance will most likely replace roofs and damaged surfaces, but you'll still be responsible for the deductible.
Obviously there's more to consider when purchasing a home, but then it's yours...you don't have a landlord IT'S YOUR HOME! I want you to be an educated buyer. Buying a home is not a temporary or year to year commitment...it's long term and if you feel you're ready to make that move then call, email me or visit my Huntsville Alabama Real Estate Website and let me help prepare you to make the transition from renter to enjoying home ownership.
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