2006-12-30 10:32:01 · 7 answers · asked by Texaschica 1 in Business & Finance ➔ Personal Finance
depends
2006-12-30 10:32:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The risks of house ownership is that you can loose the house. Tenants could move out and even worse they can remain and not pay rent. Items could need repair or replacement. This could come about by destruction on the part of the tenant or just wear and tea. It is expensive to replace a roof, install plumbing or repair and upgrade electrical problems. Termites are another potential problem. You must get am inspection by an independent inspector. I do mean INDEPENDENT. Do not use one recommended by your real estate agent mortgage person or the seller for obvious reasons. If you buy a house with no money down or with less than 10% there will be extra insurance that you will be required to purchase. People who bought with little or no down payment are now frequently facing the loss of their homes. Do not use a mortgage that has a variable rate. You will get into trouble when the interest rate goes up. All of that said, now is a good time to buy a house. Most areas in the US have a poor housing market which means that people are having trouble selling their homes and therefore reducing their prices. No one is sure when the market will turn around, but it will at some time in the future. Be careful in buying a house but not if you have insufficient funds. Good luck! PS A real estate agent might tell you to buy a house since that is how he earns money. He does not earn money telling you not to buy or to wait. Money now is the game.
2016-05-22 22:04:21 · answer #2 · answered by ? 4 · 0⤊ 0⤋
You can start by investigating what your mortgage payment will be. Ask yourself, can you afford to own a home on your income? Depending on where you live, your mortgage notes will be anywhere from $1000 ($150,000 home) to $2000 ($300,000 home). If your current rent is equal to or greater than the mortgage, the answer is a "no-brainer". The tax benefits in purchasing your first home are a bonus. If you decide to continue renting, you should consider adopting a strict budget that you can live with. Your savings program should include Direct Deposits into a worthwhile mutual fund from your wages.
Hawk
2006-12-30 11:00:54 · answer #3 · answered by equityhawk 2 · 0⤊ 0⤋
I've rented homes and I've owned homes. With rental homes, at the end of the rental period you have a stack of rent receipts and maybe the thanks of the owner. With our a home we've owned, we've never lost money -- and usually we've made a lot of money. Sometimes you double your money, and it can even be better. Be careful in buying a place, keep your antennas up, and try to sell when prices are high and interest rates are low. I think owning is the way to go.
2006-12-30 13:51:49 · answer #4 · answered by Joseph J 2 · 0⤊ 0⤋
majority of people save money by owning......
equity increases-tax breaks ect....
once you buy a home your payments are ppretty much set....
rent is normally raised yearly....
10 years later.. home payment still say 600.00... but that rent payment is now 900.00 or more..
also 10 years later home has increase upwards of 30 to 40% in value..
win win win....
2006-12-30 11:16:34 · answer #5 · answered by cork 7 · 0⤊ 0⤋
The advantage to home ownership is that you are building up your own equity, not the landlord's
2006-12-30 10:39:55 · answer #6 · answered by Anonymous · 0⤊ 0⤋
well i think renting because you don't have to pay the full mortgage on a house.
2006-12-30 10:54:22 · answer #7 · answered by tygirl236 1 · 0⤊ 0⤋