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Buying vs. Renting a Home
Linda Martain
August, 8
 Choosing whether to continue renting a home or make the decision to buy a home depends on many different factors and lifestyle considerations. Perhaps your apartment search is not going well, rents are too high, spaces too small, and so on. You have a wider variety of options than you may realize, and should take some time to consider the best solution for your needs.
If your main concern is the need for more space, finding a townhome for rent, or considering house rentals may be a viable alternative to buying, particularly if you do not intend on staying in the area for long. If you are a student or young professional you may consider finding roommates to share the costs of renting a house, therefore making it more affordable. It is possible to gain some of the freedoms of living in a house, without the added responsibility. Perhaps the apartments in your area don't allow pets, or you want a garage you can use to work on your fixer-upper car, all things that house rentals may help you with.
As a young family, you may have outgrown your apartment, but want to save money for a down payment before looking into buying a home. Deciding to find a house for rent may be a solution in the interim, assuming you can find one in a reasonable price range. Continuing to rent may make sense if housing prices are particularly high, or during fuel shortages and so on. There are the hidden costs of home ownership to consider, including maintenance, large appliances, and utilities, insurance that are taken care of for you when living in rental home.
Of course, the other side of the coin can also prove very true. Although finding a house for rent may sometimes be easy, rents can skyrocket, and month after month your hard earned money disappears into paying for housing without any return on your investment, and no long-term stability. Your rental home can change ownership or management leading to changes beyond your control. Even the freedom to paint a wall or plant a garden can become a very tempting idea after years of renting a home.
Getting away from renting a house and buying your first home is work, but can be done. There are many programs available today to help individuals and families in a wide range of personal and financial situations realize the dream of home ownership. It doesn't cost anything to get pre-approved for a mortgage and find out what kind of financing you qualify for. Even if your credit history is less than perfect, if you want to start building equity and planning for a financially sound future, explore the options available in the different kinds of mortgages and housing assistance programs out there. Getting beyond renting a house may be easier than you think.
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