As exciting as it has been to see so many first time home buyers join the ranks of those who have come before them to fulfill their American Dream of Homeownership, sometimes buying a home is not necessarily the right move. Does this mean renters are second class citizens?...Losers vs. winners?...Less smart than homeowners are? Of course not!
When should someone consider renting instead of buying?
- When job security is in question because hours are being cut back or layoffs are taking place at your company
- When your savings has less than 3-4 months in reserves in the event of a financial emergency
- When the cost to rent the home that meets your needs/wants is within your means, but buying it is not
- When you do not plan to remain in your home long enough to build enough equity to cover selling expenses, and keeping the home as an investment property is not part of your plan
- When you need to sell another home to avoid a financial burden carrying expenses for two properties
Although there are many reasons to buy a home right now, sometimes now is NOT the right time to buy. Deciding to wait might make the most sense in your circumstances. And this is OKAY!
See you out there!
Karen Cooper - OR/CA Mortgage Consultants - www.Quality4Loans
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