Buying Vs. Renting
Many times people are not sure if they want to buy a home or continue to rent, when making this decision there are a few things to consider. Do you know where you want to live long term? Can you afford to buy a home? Often times buying is more affordable than renting. So you have to stop and think about what is best for you, your family, and what your goals ultimately are. Below are a few reasons why buying may better suit you, followed by some reason why you may prefer to rent for the foreseeable future....
If you know the area you want to live in and you are financially comfortable, then buying a home may be your best bet. Many people don't know that often times you can put as little as 3% down on a home. This allows many people who did not think they could afford to purchase a home or never thought about it before to realize that they are more than qualified to be home owners. If you do put this amount as a down payment on your home obviously you are going to have slightly higher mortgage payments, but if you can afford to put closer to 10 or 20% down, then many times your monthly mortgage payment would be less than monthly rent. If you feel that you are at the point in your life where you know where you will want to live, and you can afford it, then buying sounds like your best bet.
Reasons for renting would include not having to deal with maintenance (generally this is the landlords responsibility), not feeling as though you are "stuck" in a home (most leases last one year), and if you are not sure where you want to live or where your career is going to take you. Many people think renting is a waste of money but I disagree. If you consider what I mentioned above, and if you can comfortably afford your rent, then there is no rush to purchase a home. Buying a home is usually the largest transaction someone will make in their life time so there is nothing wrong with taking your time, thinking about it, and deciding exactly what exactly you are going to want out of your first home purchase.
In conclusion There is no right answer to whether you should rent or buy, It is all personal preference and what you believe best suites you at this point in your life. If you decide to rent that is great and a realtor is always available to help you narrow down your search and submit a lease application for you, and if you decide that it is time to buy your first home then with the help of a mortgage consultant and a realtor you will have the support you need while making this life changing decision.