Your #1 Guide to Real Estate!
2018-01-16
Buy to Save

      There is a common housing pattern many people go through. At the start, an individual will typically live with parents. After moving away to college, the renting process begins. For some people, renting will last for years, even decades. There is value in renting. It makes more sense to rent in short-term situations like college. However, many people will rent long-term. Why is this? It is generally perceived that renting is what you do while you are saving up enough money to buy a house.  The Trulia Rent Vs. Buy Report shows that buying a home is actually less expensive than renting by about 33% as a nationwide average. That’s the irony of renting until you can afford a house. The longer you rent, the more money you spend.

     It is true that for buying a house to be less expensive than renting, you might need to be able to afford around a 20% down payment. It might help to see this expense similar to starting a new renting contract. Instead of paying the first and last months rent, plus a safety deposit before you move in, you pay a down payment. There is not much difference between paying a mortgage and paying rent. They are both a monthly expense you pay for your housing, except one of them ends up with you as the owner of a house, and then the monthly expense ends. It can be a scary thought to make the jump from renting to buying, but just keep in mind that people have been buying homes for about as long as homes have existed. It’s an exciting prospect, but an ordinary event nonetheless. Save your money by buying a place to live instead of renting one. Don’t spend extra money renting for years on end.

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