Home Ownership is not for everyone. There are many reasons to rent or live with someone rather than owning a home. Renting makes sense if you are not sure you will have your job for the long run or even sure if you like working there. Renting makes sense as well if you are new to a community and don't know yet if this is the place you would like to live for the next five or more years. Renting also seems to make sense if you don't want to take on long term debt or maintain a home inside and outside. Sometimes the responsibility is too much to handle. There is a lot to be said for simply making your monthly rent payment and being done with the responsibility.
Home Ownership just like the Stock Market presents a gamble. The upside of owning a home is incredible but how can one forget the crash of 2008. There is always that chance that you might be the person that bought the home at a price that once the bubble bursts, and it will again one day, finds them self having to sell to avoid a foreclosure. The term buyer beware comes to mind.
Living with someone also makes sense to some as well. The main problem with this is the people that do so don't appreciate the amount of money they are saving. The wisest thing to do would be putting away the monthly payment they are saving for an emergency fund or future down payment. However discipline is not our specialty and the impulse to spend excess cash takes over. Most end up no further ahead.
Personally I prefer to own the best home that is affordable in a community that feels safe and offers great schools, Being able to walk outside in freedom day or night is a priority. Leaving those I love and not being if fear while away is essential. Home values come back so buying within ones means will keep them out of financial trouble and the write offs as well as potential equity make home ownership a personal choice.
Your Friends & Realtor,
Tony & Dani Lewis RE/MAX of Valencia
Call/Text - 661-510-7975