(1/27/2012) With low home prices and mortgage rates throughout the marketplace, many consumers may be asking whether renting or buying a home is a better deal. Truth be told, it's a decision that depends heavily on your market and unique circumstances. However, Informa Research Services has some tips and pointers for you to consider when trying weighing your options.
When looking at your options for housing, consider both the pros and cons of each side. Homeowners can write off the interest from their mortgage, upgrade and modify their home as they see fit, and work toward building equity in their property. Renters on the other hand must ask permission before making changes and are not reaping the benefits of building equity. In most cases while homeownership allows owners to have set payments that will not change (assuming they financed their home with a fixed rate mortgage), renters may have to deal with periodical rent increases. However, while homeownership may require more money upfront compared to renting, over the long term, your investment will be worthwhile.
In addition to these little luxuries, there are obviously going to be cold hard numbers that impact this decision. Online calculators can help do the math for you.
If you do decide to start down the path toward owning your home, one of the most important steps is to find low interest financing. Online rate tables make rate shopping quick and easy. Simply enter an estimated loan amount and region and with the click of button, these tables will retrieve some of the nation's lowest mortgage rates.
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