Why Buying A Home Is Better Than Renting In Some Cities

The condition of the housing market is not the same in all areas. Some are good but the others may be experiencing problems. In the U.S., for instance, there are certain cities where buying a home is considered the right thing to do instead of just renting out. Real estate experts made this recommendation for the first quarter of 2011.
Considering the median list price and the median annual rent, real estate agents point out that purchasing a home is a better option, at least in some cities. Top cities where it’s better Custom Home Builders Ohio to buy than rent include Miami and Jacksonville in Florida, Las Vegas in Nevada, Arlington, Mesa, Phoenix in Arizona, Sacramento in California, San Antonio, Fresno and El Paso in Texas.
In most cases, though, they suggest making a comparison between the monthly payment and the mortgage payment including the taxes, insurance and maintenance costs. If there’s very little difference between the two, then buying a home is definitely the right step to take. Think about it, if you can afford to get that house in a favorable market and you don’t have plans of moving from one place to another in a short period, why rent only?
By renting a home, apartment or condominium, you’re spending money to live in a place that you will never call your own. There are limitations as well especially since you need to follows rules and regulations in maintaining the home. In short, you have no freedom to make the place look like how you want it to be.
Buying a home, on the other hand, has its advantages. Firstly, you can remodel the place any time you want if have a budget to spend for this project. Secondly, it gives a feeling of fulfillment for any family to have a home they own. Thirdly, the homeowner can always sell the home later on if he or she is moving to another place or to Real Estate Business Website a new house. And since the value of home properties often appreciates, you can earn significant profit from the sale of the house by asking for a higher price than what you bought it for. You can set the home selling price higher than the original particularly if you have made upgrades on the property thereby increasing its value.
Purchasing a home, however, requires preparedness and should not be made on impulse. There are various factors to consider such as one’s credit rating, debt, job situation and relocation and maintenance issues. The credit score is important as most lending institutions consider this as a basis for granting a mortgage loan. Job stability is another aspect as you need to prove to lenders your employment status which provides you regular income. If relocation in two to three years’ time is also possible, this is something to take into account as well.
Finally, ask yourself if you can really afford that home you’re targeting to buy. Don’t push yourself if you don’t have enough funds. Otherwise, you will only end up in debt.

READ  The Real Estate Market Is Always Local