Rent or Buy?

Those who are currently renting may want to stay a renter in this economy. Naturally, I promote homeownership, and there are so many benefits to owning a home, but in these tough economic times it may be hard to convince someone to buy over renting. Many are taking a look around and feeling comfortable right where they are.


On one side, when you own your home you will have more privacy, it’s yours, and dealing with neighbors is a little different. When you live in an apartment they are right next to you, but when living in a house they are a little further away. Renting a house is not so bad, but you are still putting up money every month for something that you will never own. There are some property owners that offer rent to own agreements with offering the money you pay into the rental as down payment towards the purchase of the home. However, just be careful that you read the fine print. These agreements can have huge loopholes and ultimately don’t put as much toward the down payment as you think.

Owning a home is still the American dream, but the challenge now is that the dream seems like it’s harder to achieve. The second half to this issue is that rents are getting higher, and making mortgage payments look cheaper. With home prices falling, there is no doubt that you can get more house for the money, but do make sure that in the bigger picture with maintenance and utilities that it will still work with your budget.

-Mayer Dallal