What is the easiest way out for young couples today, buying a house/apartment or renting one?
Purchasing a property means taking a huge bank loan which they have to keep paying for forty or more years and which would amount to almost double the price. Renting would perhaps cost more per month, but at least they would not have the burden of the loan on their minds for their lifelong years!
If renting would cost more why not put that same money towards buying a place. The extra money would shorten the payment period. It would also build equity and if they stay in one place for a few years they would be much further ahead finance wise. Yes the real estate the last 2 years has been bad. But that is all the more reason to buy now, it will make a come back and add more equity if and when they sell.
It would be more paper work to get in and again when and if they ever sell the property. But the equity that would be built into the property would be their reward for the extra effort put forth.
As long as they don't buy a mobile home this idea works very well. With a mobile home regardless of size the depreciation will eat up any equity they would have.
A house on the other hand if maintained could easily sell for 20 to 30% more than the purchase price without remodeling. If it is remodeled the selling price could easily double the selling price.
So I strongly suggest buying if they are going to be around for a couple of years.
With this economy, right now the best thing to do is to rent. A great way to find a place you are looking for is to visist westsiderentals.com. They have heiped over 1 million people find a place that fits there price range.
Thank you all for answering my question, especially Cidron who has built a Hub around the question. Thanks
This is the best time to buy a home (in most markets) since the early 80's. Historically low interest rates, affordable prices and a tax credit are the major benefits.
First, understand the rent vs. buy analysis and the tax benefits of home ownership. You will be doing your 2009 taxes and at this time you could estimate your tax savings if you had interest deductions instead of rent. You may find that you can own what you would rent for the same net monthly payment. If you plan on staying in the area for at least two years, you should consider buying. You can purchase with no money down through various sources.
The current housing market in many areas of the country is depressed and may become further depressed if unemployment continues to rise forcing foreclosures. Just like the stockmarket, the question is "Where is the bottom" and "When is the best time to get in". That will depend on the local market to a great degree. For example, the housing market in Las Vegas is severely depressed and people are leaving the area due to a lack of jobs. Construction projects employ lots of people in that area. Construction, as a result of a soft tourist industry in the area, is at a standstill in Las Vegas. No doubt, there are some great home buys there if you have the money...maybe 50 cents on the dollar in some cases. If you are buying for the long term, this represents a significant opportunity to gain equity rapidly once things return and they will return at some point...Las Vegas is not going away! WB
It really depends on family income, capability of a down payment, as well as ability to pay monthly payments... For some people buying a house is the best choice... as they have stable income, on the other hand for some people buying a house is disaster for the whole life...
There is no easiest way in life... Nothing!!!... when I know, it is easy, but when I don't know, it is difficult.
I am trying to put some tips here for home buyers http://www.housewithbadcredit.com
I would say that purchasing a home today would put way paying rent. With the foreclosures, short sales, and even low costs for regular home sales you should be able to obtain a mortgage with taxes included that is equal to or lower than paying rent. It is for sure a buyers marketing right now.
According to me, renting a house is a better option. With a rental home, you don't have to bother about maintenance or repair issues, you don't have to worry about real estate taxes, plus you get access to various amenities with no extra cost. The best part is, rent amount is fixed for a span of lease agreement. While landlords raise the rent with notice, you are able to plan your budget more efficiently since you already know the amount of rent you have to pay. You can more information on http://lonestarrealty.net/
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