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Why Buy When I Can Rent a Home in Crofton?

More people are asking this question, as they read and hear all the doom and gloom about today’s real estate market.

And renting may be the right choice for you –  particularly if you don’t have the financial qualifications to sustain home ownership through the up and down cycles of interest rates, home values and the economy in general.  Yet home ownership DOES still rank high on most people’s priority list, for many reasons.

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Top 3 Reasons to Buy a Home Instead of Renting:

More control –  No wicked landlord raising the rent or selling the property (or even losing it to foreclosure)… no restrictions on pets or painting… repairs and improvements done promptly on your own timetable…

More options –  Let’s face it, there are more homes for sale in more neighborhoods than there are rental properties.  It’s far more likely that you’ll find the right home with the right features in the right neighborhood to put down roots and become part of the community if you own instead of renting.

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More potential for financial benefit –  Rent goes toward paying for someone else’s real estate investments, while a mortgage payment is an investment of your own.  A homeowner at least has the tax advantage of owning, even if their property value never goes up.  Yet we know that real estate goes through cycles, meaning it goes up and down.  The savvy home buyer will make a purchase NOW, while prices and interest rates are both low and, with a little luck, sell when values are higher.

Low… did I say low?  Mortgage rates ranging from 2.75% for an FHA Arm to just under 5% for a 30–year fixed rate loan are commonly available now, although not for all properties and all borrowers.  If you’re renting for $1850 a month (four Crofton townhomes are on the market now for $1850), you might have lower monthly payments even without considering the tax benefit of ownership or equity growth through monthly payments. 

If you would like to consider those factors, however, you can click on the link below to read this:

How to Compare Rent to Mortgage Payments

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