Rent vs Buy
The decision whether to rent or to buy can seem daunting at first. Let's dive a little deeper into each possibility:
Pro's of Renting:
Pro's of Buying:
Is now a good time to buy?:
Consider this: Waiting for the absolute ideal housing market is futile. The only way to know that the market has hit rock bottom is when in starts to rise again--by that point you've missed a great opportunity to buy a home. The market will always be fluctuating and unless you have a crystal ball up your sleeve there is no way to know anything for certain.
Fact or Fiction?: I need to have a 20% down payment saved up in order to purchase a home.
Fiction. Is it preferable to have a large down payment? Sure, and you won't have to pay for mortgage insurance if you can do so. But that just isn't realistic for many first time home buyers. Thankfully there are many loans that allow you to pay little or no money down so that you you can get into a home and start building equity to go towards future homes.