If someone definitely has no other choice but to rent, then that is the only time they should. However, if someone is in the position to purchase, that is the best way to go. If you think about it like this.. landlords always want your first, last and security deposit up front and possibly a pet deposit. That can add up to a down payment on a home? What do you get for that money when you are all done.. nothing. You have no home or equity but the landlord paid their mortgage, has equity and quite possibly is purchasing another investment property.
Landlords Love Your Money
On top of all that, you can’t simply do what you want to the property. When something breaks or leaks, most landlords that I dealt with only want to fix something in the most inexpensive way. They are not concerned with how you are living, only that you are sending your money each and every month.
Low Down Payment or No Down Payment?
Most renters don’t realize that they can stop renting and can actually purchase a home. If someone wants to go FHA they can get in with as little as 3.5% down. In addition, there are multiple programs out there providing buyer with a FREE down payment grant that never has to be paid back. Even if you find out what the costs would be to purchase, you don’t have to buy anything but it’s good to know.
I tell my friends and neighbors, it’s best to find and build a relationship with a real estate agent like myself long before you ever want to buy who can help you put a plan together and when the time is right. You never want to wait until the last minute to find a buyer’s agent because when people do that, they know nothing about that agent. Hiring the right buyer’s agent can be the difference between saving hundreds of thousands of dollars rather than losing hundreds of thousands of dollars by hiring the wrong buyer agent.
Questions about whether you should become a home owner and start calling the shots, give Troy Elston – Peoria AZ Realtor with West USA Realty a call at 602-740-1035.