John's Florida Real Estate Blog

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Should You Buy a Home or Continue Renting One? The Benefits of Purchasing!

Sometimes it is better to rent a place to live in rather than to buy one. Perhaps you will only be in a location for a short period of time and buying a home would not make sense. Maybe you do not have the time, interest or funds that are necessary to maintain a home. If you are not into mowing a lawn, painting a house from time-to-time, or doing ordinary upkeep on a house you might want to keep renting. Or you may need to wait a while until you have the needed funds to allow you to cover the closing costs of a home purchase. These can all be valid reasons for either choosing to rent or to at least defer the purchase of a home.

Sometimes renting does make sense. Each person's situation can be very different from another's. As a former teacher we used to say that everyone should go to college. While I still think all should have the opportunity to attend a university, some people will do better in a field that does not require a degree. Someone who enjoys working with his or her hands may like carpentry. So why not do what they enjoy?

Now, back to houses, and renting versus buying. In most cases, financially, it is better to own a home. Especially if you can purchase that home when circumstances make the deal even "sweeter". For example, right now we have the following forces in place that make it a good time to buy:

  • An expanded tax credit that helps first-time home buyers, and now even offers benefits to current homeowners who want to change residences. We are talking of thousands of dollars here!
  • Historically low interest rates that we may not see again for years to come.
  • Homes prices that are at bargain levels! I am not speaking of just the foreclosures, but also conventional resales and new construction. All are drastically cheaper than they were just a few years ago.

These items are aligning like the stars to make for a perfect time for many people to jump off the fence and buy a home.

For more information, the National Association of REALTORS (NAR) has provided me with the following brochures. They are identical, but in different formats. One is a two-page set-up and the other on 5 pages. They are Adobe PDF files, so open each and review them. Then print up the one that you like the best. For the 2 page brochure, click here: Download Buy VS Rent 2 Page Form  For the 5 page format, click here: Download Buy Home VS Rent Brochure

As I said, these are identical documents, just in different formats.

If you would like more information about this topic, or you want to begin your own home search, please do not hesitate to call me at: 813-783-4444 or e-mail me at: jelwell1@tampabay.rr.com You can also visit my webpages at the following location: www.jelwell.century21bnr.com where you will also find links to many other useful sites, including my Zephyrhills Bulletin Board, a home search engine, a mortgage calculator, and more.

John Elwell - REALTOR

CENTURY 21

Bill Nye Realty, Inc.

813-783-4444

Licensed in Florida

 

Comment balloon 3 commentsJohn Elwell • November 11 2009 04:12PM

Comments

All very good points John! Renters need to realize that they CAN afford to own!

Posted by Taylor Shults Philley, Broker, Realtor , GRI (Austin Realty Firm) over 10 years ago

John, this is a timely blog! I have several buyers in my area who are renting and waiting.

Posted by Anthony Ebright - NMLSR ID #247647 Purchase and Refinance Mortgages (FHA, VA, Conforming, Jumbo - Wells Fargo Home Mortgage) over 10 years ago

Yes, Taylor and Anthony. I don't know if times have ever been much better for buyers on many fronts. And, though they might not agree quite so enthusiastically, it is actually a good time for those sellers who bought before the boom. They will still make a nice profit and also be able to buy their next home using the benefits I outlined above. Unfortunately, those that bought in the boom for very high prices are in a Catch-22 situation. Luckily, that is the minority not the majority.

Posted by John Elwell, You Deserve a Full-Time Agent, Not Reduced Results (CENTURY 21 Bill Nye Realty, Inc.) over 10 years ago

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