Rent vs Buying

It’s better to buy a home than to rent one in most cases. But not in every case. Comparing buying to renting is actually a fairly complicated endeavor. However, there are a few easy guidelines you can use to aid you in your decision.

Buying a home is usually more beneficial than renting except when:

You intend to move within a few years
Your rent is very low
You don’t expect to live more than another 15 years

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters will not be able to buy now!

Home Evaluation

A Home Valuation is a Comparative Market Analysis report prepared by a real estate agent, comparing your property to similar properties on the market. Included in the report are homes currently for sale and homes recently sold through the local listing.

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Rent vs Buying

It’s better to buy a home than to rent one in most cases. But not in every case. Comparing buying to renting is actually a fairly complicated endeavor. However, there are a few easy guidelines you can use to aid you in your decision.

Buying a home is usually more beneficial than renting except when:

You intend to move within a few years

Your rent is very low

You don’t expect to live more than another 15 years

There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their rents likely to rise again… why are they renting?

When asked why they haven’t purchased a home yet, not having enough saved for a down payment (44%) came in as the top response. The report went on to reveal that nearly half of all respondents believe that “a 20% down payment is required to buy a home.”

If the majority of those who believe they haven’t saved a large enough down payment believe that they need 20% down to buy, that means a large number of renters will not be able to buy now!