Something to think about- Buying vs. Renting

Right now with the increase in demand for rental properties the rent price is steadily going up. There are many people who struggled through loss of job or lossing there own home who have to rent. But for those who are just stuck with the question " should i buy or keep renting" this is something to consider. This might be a great oppertunity for you to buy, especially if you do not have anything to sell.
  • November 21 2011 - Monroe
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Answers (8)

Aubrey:

This sort of post really doesn't make for a forum rich with discussion. I think you'll find better results by looking for questions from buyers and sellers, and then answering them to the best of your ability within your licensure limits.
  • November 21 2011
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Profile picture for Vanessa Gray
I think it is a great time to buy with interest rate being so low. I think a better question would be, have I prepare myself for home ownership. Example - credit score, savings, prepare to maintain a house, there's more to homeownership than paying the mortgage. 
  • November 21 2011
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Profile picture for Gemini.Coast
When I retired last year I decided to buy a house rather than rent so that I wouldn't be constantly getting rent increases and would have a stable payment.  Also, so I wouldn't find myself moving because the landlord decided to sell the house I was renting.

However, my taxes were raised $250.00 on the house I bought a year ago.  So even though the value of  my house has fallen $30K since I bought it last year, the state raised my taxes, probably to make up for the loss of tax revenue due to all the foreclosed homes.   I also had to raise my insurance coverage due to the fact that the insurance company had my house appraised for replacement value AFTER I closed escrow, so my insurance payments are higher.  So I can't win; my insurance and taxes will keep going up, even though my income is fixed.  However, since I'm the homeowner, I'm constantlly putting money into home for repairs, gardening, etc.  One doesn't have these expenses while renting.

You have to decide based on your individual circumstances.  I kind of wish I had rented so that I would have the flexibility to move to another area if I got tired of the one I retired in.  I'm in the coastal Pacific Northwest, and I'm already tired of the cold, wet winters.
   
  • November 22 2011
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All of those costs increase for landlords, too, and usually at a faster pace than homeowners. They will likely be added to the average renter's next rent increase. Most landlords aren't running non profit organizations. Housing costs what housing costs. It is hard to avoid that fact. If you want to keep the rain off of your head their aren't but two or three ways to do it. Do it the way that makes you the most comfortable. That is what shelter is supposed to do, keep you comfortable.
  • November 23 2011
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Profile picture for Sharon Lewis
Gemini, taxes in North Carolina are every 8 years. I agree, you have to sit down and assess what will happen in the future with insurance and taxes. Remember though,your landlord is also having to deal with the same issues, their taxes on the property being rented, going up and insurance costs etc. So the rent goes up as well and you have a mortgage write off that a renter doesn't have. We have tenants in a house and plan to raise their rent this coming year because of our expenses going up.
  • November 23 2011
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Profile picture for the_country_hick
Just because taxes and insurance cost more does not mean renters can or will pay more each month. That could cause the landlord to cut their profit margin to keep the renters there.
  • November 23 2011
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Just more food for thought. My property taxes, and insurance, just went down, thanks! Of course, I don't live in one of the exploded states.
  • November 23 2011
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Profile picture for Gemini.Coast
Dan, I gree with you.  The apartment I rented before I bought  my house had rental increases every year, or, if one only renewed their lease at 6 month intervals, every 6 months.  They had a high turnover, resulting in the units constantly having to be painted and repaired inside, and carpet either cleaned or replaced.  In contrast to that, the previous rentals I lived in were privately owned homes and I lived in one for 5 years without a rental increase because the owners wanted me to stay.   
  • November 23 2011
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