Most Americans considering owning their own home as part of the American dream, however, with so much in uproars today from the economy to ObamaCare, no one knows what tomorrow may hold, so many are still waiting or rethinking that part of the dream. Rental properties are still on the rise in areas all across San Diego so more people are leasing homes instead of buying.
A few years ago, home ownership was in fact a positive impact on finances and renting was like throwing your money away.
The truth is that you have to look at the disadvantages and advantages of renting versus buying to find the right conclusion. Purchasing a home creates a way to build equity and provides stability while renting allows more mobility. The gap between purchasing and renting costs is very close in some areas of the nation, which make both options equally affordable.
In the majority of cases, whether you buy or rent will be dependent on your personal circumstances. You may want to look at what both actions will have on your credit score.
While you look at the advantages and disadvantages or buying or renting, these facts should be considered.
According to the United States Census Bureau, rental vacancies are falling while the cost to rent has risen.
Home prices are beginning to increase in San Diego.
According to a study by Experian in 2011, 25% of Americans are paying their mortgages late by 60 days or more.
When you look at the overall debt of owning a home, you may not be in the position to purchase a home. On the other hand, if you are paying the same amount in rent as you would to purchase a home and you are paying your rent on time, and then you may be in the position to purchase a new home. Remember, though, when you purchase a home, there will be other expenses such as maintenance to the home, taxes, and insurance that you may not be paying to rent a home.
The first thing to do is take a good look at your credit. The better your credit the better interest rate you will be able to obtain. Most property owners will also look at your credit, so you should at least get a copy of your credit report and be sure that you know what is there before moving at all.
To buy or not to buy, is a question you will have to answer on your own. However, it would be a good idea to talk with Realtor that can provide you with information on homes for sale in the area so you can get a better idea of the cost of buying a home instead of renting. Contact a professional real estate agent today at 888-865-5055; you may be surprised at the homes you can actually afford.