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Homes: Rent or Buy?
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About Video :
Owning your own home: an idea so popular it's known as the American dream. But as prices fall and foreclosures rise, for many it's become a nightmare instead. How do you know whether renting or owning is the way to go?
jenkin7's Opinion Because of the foreclosures and fall of property value, it is a good time to buy for many potential borrowers if they have good credit and have enough income to afford the monthly mortgage payments.
As long as you plan on staying put I'd definately say buy if possible. Paying off some of the principal balance while deducting the rest off of your taxes, you can't loose compared to renting. Besides, the main reason most people like to rent instead of buy is to not worry about things like home repairs but unfortunately most landlords are bad about making repairs when necassary.
I have never seen the sense in renting if you are planning on staying in an area, to me it was always like throwing money away. With the way the mortgage industry is today, make sure that you can afford to pay the loan along with the taxes and insurances that go along with owning property or a home.
As long as you can afford to own, why would you rent?
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