Are you a renter? I get asked about this all the time. The market is bad, so I am going to keep renting. Well, I guess the question I have for you is do you enjoy paying the mortgage for someone else. Look to be frank if you can buy a home, you should. You get no return on your money when you're renting. So, the biggest myth that I know is circling around is buying is a horrible idea right now because of the mortgage rates. Look it comes down to a couple of factors. Gas prices are at an all-time high and you're still driving your car, right? Not only that food prices are also on a rise, and I bet your still eating. Rates are just that they will go up and down with the economy. But for me you marry the house and date the rate. You can lower your rate many ways. Buy down points is a big one we are seeing this more and more.
Ok so got a little off topic let's get back to the renting question. The are factors here with renting so let's cover those.
1. Return on investment renting is Zero
2. Tax breaks on renting not much
3. Renting increases all the time
Look we can go back and forth about the pros and cons of renting vs owning. Sure, owning you will have the repair cost and stuff with ownership. There are many who rent based on an area that is closer to where they need to be. I want to make sure my message is getting across correctly so again if you want to own and have thought about it then do it. Not everyone wants to buy a home some really love renting and that is Ok. To me the important part is you cannot just factor in the rates as the reason not to buy a home there is much more that goes into it than that. If you want to dive in more about the two and see what fits your budget and needs, I am here.