Does it Always Make Sense to Buy a Home?
Friday December 22, 2006
It might shock you to hear a Realtor say that maybe, just maybe, you are better off renting an apartment than buying a home. Because agents are in the business of selling and buying real estate. A few handle rentals, but most would rather sell you a home. So, you might not get a lot of help if you ask a Realtor whether you should buy or rent.
A few questions you might want to ask yourself are:
- What is the condition of your credit report?
- How high is your FICO score?
- How secure is your job?
- How willing are you to tackle home repairs?
- What is the ratio between existing rents and a mortgage?
Not everybody should own a home.
©2004 Elizabeth Weintraub, Licensed to About.com
Comments
What is the ratio between existing rents and a mortgage?
What is the ratio that would support buying a house? Conversely, what ration would indicate that renting is preferrable? Trying to figure out if we should by vs rent… in our market, a mortgage would almost be double the price of renting…