Rent Isn’t Cheap; Buy a Home Instead

Rent payments are rising, in some places costing hundreds to thousands of dollars a month. That’s the same you would be paying for a house payment each month–except in that case, you’re paying off a house, not simply paying to live in the space.

Renters are not working towards anything when paying rent. Perhaps they’re simply there temporarily for school or for a temporary job, but once it’s time to settle down, leave the renting behind and consider buying a home. Owning a house has its perks and rewards. Most first time home owners automatically assume that renting is cheaper and less expensive than buying a home or condo, but, as we’re seeing with the upcoming generation of home buyers, that’s not exactly the case.

According to an article by My Central Jersey, the average U.S. rent for an apartment has increased 14 percent since 2010, which is more than inflation, and rents are predicted to increase even more this year. Why is this important? Rent increases each year, and that’s a given, but mortage payements are set at a fixed monthly cost–especially for individuals who purchase a home with a 30-year fixed mortage.

Of course, when choosing between the rental or buying process, there are a few things to consider, like your mortage details, how long you plan to stay, you home price, and taxes. The New York Times has a handy little financial calculator to help you decide if you should rent or buy.

Also keep in mind the pros and cons of renting and buying. Sure, rental properties have their pros in terms of temporary agreement, but the hassle of dealing with a leasing agent, the company, and ongoing (and often times, unreliable) maintenence becomes a pain. Home buyers can search for the perfect real estate agent when looking to purchase a home, and some real estate companies, like Coldwell Banker Hubbel Briarwood makes it easy to find the right agent to meet your needs. Visit them at www.cb-hb.com to take the first steps in finding an agent and owning a home.

Lastly, homeownership offers a wide variety of advantages down the road that renting cannot. A home isn’t temporary–it’s a place to settle down, build memories, and do what you like without the constraints and contracts of a leasing company or landlord. You’re allowed to make your own home improvments at your own leisure, cost and want. Everything is up to you when choosing to purchase a home.

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