Renting vs Buyng a home
Should I sign another lease or take the plunge and buy a place I can really call home? This is a question that millions of Americans ask themselves everyday. This question is also an important one for me, as I am currently trying to make this decision. To answer this question consumers need to consider a few factors. A couple of these factors that need to be considered are their lifestyles and financial situations. According to the 1990 United States Census, there are approximately three million people in the state of Texas that live in owner-occupied housing and slightly over two million that live in renter-occupied housing. There are numerous reasons that people may choose to rent over actually buying a home. Making a choice between renting and buying is made easier in this day and age, due to the amount of information that is available on the World Wide Web. I have done a great amount of research through the use of the Internet while working on this report. There is an unbelievable amount of information on purchasing a home. The following is some information that is available to help with the home buying decision: Step-by-step instructions on the home buying process, mortgage calculator
"Owning a house is a good investment, whereas with renting, you're waving bye-bye to your money each month" (Brodrick, 1). Consider the importance of privacy, community, and prestige to your family" (Brodrick, 1). htmlFIGURE 4: Regarding Ownership for the 7 yearsTotal Tax Savings $23,572Total Maintenance $4,900Selling Price $154,169Equity Upon Sale $63,022Selling Costs $15,417Total Payments Renting OwningPrincipal and Interest NA $665Taxes and Insurance NA $217Mortgage Insurance NA $0Total Monthly Payments $715 $882Source: www. Ø Values should be considered when making a home buying decision. Before making this decision consumers must first look at their individual situation, they then must examine their short-term goals, and then finally their long term goals. In addition to the amount of research gathered on the Internet, two interviews were conducted. The landlord, or owner of the property generally pays for this cost. Any and all tax advantages go to the landlord or property owner. Mortgage interests and property taxes are tax deductible. The next questions to ask yourself is what can you afford to pay for your first home, and how much of a down payment can you pay? The best way to figure out much house you can afford is to use the calculators available on the Internet.
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