"Should I buy or rent?

Buying

"Should I buy or rent?"

The decision to rent an apartment, condo or house as opposed to buying is complex and requires great consideration.

There are many misconceptions when weighing the option to rent or buy. One of the biggest may be the notion that renting is simpler. When the refrigerator in a rental needs to be repaired, it's usually the landlord's responsibility. But when new homeowners sign the contract, the responsibility becomes theirs. Ultimately, stating that renting is the "simpler" choice takes a narrow view on the issues that go into making the decision.

Myth:

The tax benefits derived from purchasing a home may take too long to offset other costs involved. 

Mortgage interest tax write-offs can be among the largest financial benefits of homeownership. Homes may appreciate in value over time, so if you anticipate staying for several years, the scales could tip in your favor, increasing the likelihood that the value of your equity will outweigh your initial costs.

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Myth:

Renting a home isn't all that different from owning

There is one fundamental difference. Unlike equity built with each monthly mortgage payment, the rent you are paying is producing zero future financial benefits. Historically, most homes increase in value over the long term, so a home not only provides a place to live but could ultimately provide a return on your original investment.

Myth:

If you rent now with the intention of buying a home later, prices and interest rates might be lower. 

Trying to "time the market" is typically considered a risky investment strategy. Buying a home should be approached as a long-term investment, with the goal of building equity, cost appreciation, and tax benefits over time. Many believe now is a smart time to buy because interest rates remain at historically low levels, coupled with rising prices in many communities. When purchased with the longer term in mind, housing may be one of the safest investments consumers can make.

Myth:

It's cheaper to rent. 

This may or may not be so. The challenging housing market experienced over the last decade caused many to forego or abandon homeownership and turn to rentals. This influx of renters impacted the demand for rental properties, driving rent prices higher.

Myth:

By buying a home, I'll be affected by the foreclosure mess. 

It's important to remember that foreclosures account for a small percentage of all homes sold. While mortgage money is available for qualified borrowers, lenders have returned to upholding higher standards that will help prevent future foreclosures. You'll need to demonstrate strong borrowing capabilities, such as proof of income, solid credit and the ability to make a significant down payment. It's also critical that you become well-educated about the various mortgage options available and know what you can afford.

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24031 S Tamiami Trl Ste 101
Bonita Springs, FL 34134

How to Buy A Home

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Call Me (941) 677-8255 jhendricksrealty@gmail.com Find A Home or See What Your House Is Worth ---->Professional Assistance  Bonita Springs Real Estate

24031 S Tamiami Trl Ste 101
Bonita Springs, FL 34134