Mortgage Purchase a Home For Rent or Own?

It’s better for you to wait or to buy if you’re renting currently?

By DAVE HOLLAND

Mortgage Purchase a Home For Rent or Own?

This is a really common question. And really, it depends on your personal finances.

Hi, it’s Dave Holland with Veterans National Mortgage.

Today we answer, do I rent or do I buy, and should I wait to purchase my home?

This is a really common question. And really, it depends on your personal finances. If it’s better for you to wait or to buy if you’re renting currently, chances are it’s better for you to purchase than to be renting. And there’s a couple of reasons for that. If you’re renting, you’re not paying into anything, you’re paying somebody else’s mortgage.

If you purchase, even if the market is on the high side each and every month, you are paying into your equity on your home. As well as saving on taxes, having a place to stay, and live at you have options when you purchase your home.

Rent or Own? Pro & Cons

If you want to move, a lot of people don’t want to purchase just because they think maybe they’ll move in two, three, or four years. Even if you decide to move, you have more options. When you purchase, you can rent your home out, you can sell your home. You have a lot of options that don’t necessarily mean that you’re tied to that house for years and years and years.

Also, when you own it’s yours, your family can grow up there. You can have family over, you don’t have to worry about painting walls or putting up pictures. All of these things that come with homeownership are a benefit when you’re renting. Even if you think that you can time the market. Every single month, if you’re renting for 2000 or $3,000 a month, take that and times that by the entire year, And look at how much the house price has to come down for that to make sense for you.

“You have a lot of options that don’t necessarily mean that you’re tied to that house for years and years and years. ”

Opportunity

We can do the math over and over again, but each time that you’re looking at renting versus owning, you’re paying 2000 for two years, three years waiting for that market to come down. Real estate is cyclical. Yes, but it travels in 10, 15-year increments. So you could be waiting for five years, for the market to come down all the while you’re not building equity, you’re not getting the tax benefit of homeownership.

And you’re just waiting for something that may come. If you’re looking at investment properties, it may be a different story for you. Maybe the market is a little bit high right now, but the same holds true. You do not benefit yourself at all by renting a home. Instead of buying, take the opportunity right now to stop paying somebody else’s mortgage.

Last Minute

Call us at (888) 922-2022.  Or go directly to our website for a no-obligation quote or more information at veteransnationalmortgage.com. Here at veterans national mortgage, we’re happy to help you on your journey to homeownership.

We’ll see you next week.

You may also be interested in knowing about How Much Home Can I Afford >> HERE <<
or 
A Comprehensive Guide to Understanding the VA Home Loan Benefit >> HERE <<

Veterans National Mortgage | NMLS #2006604 – NMLS Consumer Access Portal

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