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Home > Home Buying Tips > Is it Better to Rent or Buy a Home Now

Is it Better to Rent or Buy a Home Now?


For most renters, the dream of home ownership remains strong. With the housing market becoming increasingly unstable; however, many would be homeowners are beginning to think they might want to wait before committing themselves to a mortgage payment.

There is certainly no doubt that a mortgage is a large responsibility; which is largely why so many renters remain unsure whether now is the right time for them to buy or not. Some home buyers tend to believe that if they do not buy right now they could be missing out on the appreciation that real estate tends to provide. They believe in the idea of investing their money in a home rather than throwing away rent money month after month. Other renters; however, point out that the increasing number of foreclosures indicates that many homeowners have overextended themselves financially.

The recent falling prices of homes across the nation are providing a new light on the subject. In addition, the rate of appreciation has remained well above average in the last few years. When considering whether now might be the right time to buy or whether you should wait out the market, it must be taken into consideration that owning still remains profitable even in the event prices remain the same or possibly even fall further.

If you are in doubt about the right steps to take it is important to remember that the general rule of thumb when making large purchases is to wait until you are sure the conditions are set to make a good deal. In some areas, housing prices have actually fallen substantially. Consider the amount of money you could actually save if you were to wait just a bit longer to buy a home.

Choosing the exact right time to buy a home is certainly not easy. Of course, most buyers would love to choose the perfect home at exactly the right time. The high demand in recent years has unfortunately created a situation in which many buyers find themselves involved in bidding wars. Currently; however, buyers do have a wider range of choices than in the past few years and home sellers are now ready to negotiate deals they never would have thought about just a few short years ago.

In the end, the decision to buy a home now or continue to rent and wait out the market a bit longer is a personal decision which should be dictated only by your financial situation and your desire to own a home. When making your decision; however, do keep the following in mind:

Always take the time to actually run the numbers. You can find a variety of financial calculators online that can assist you in determining whether buying or renting is the best move for you. Factors which can play a role include tax deductions so always make sure you review your taxes carefully.

In addition, make sure you are thinking in terms of both long term and short term. While many home buyers imagine they will remain in their home for years to come, the truth of the matter is that something unexpected can always arise which may require you to relocate.

Think about not just the tangible aspects of owning a home but also intangibles as well. While it is never a good idea to let your emotions rule the decision of buying a home or continuing to rent, emotions cannot be denied either.

So, is it better to rent or buy a home now? Well, remember that unless you are being evicted from your current residence for some reason there is no reason to make a snap decision and rush into anything. You have plenty of time to decide whether it is best for you to continue renting or go ahead and take the plunge to buy a home. Ideally, it is best to wait until you are completely comfortable with the idea of buying a home before you actually begin the process.


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