What is best; Renting or Buying? This may not be the appropriate question to be asking. You should be asking what is best for you, and your situation. The answer depends on lots of things. You should analyze your situation and see which option best suits you. Both renting and buying have their  advantages. Some points that you might want to consider are:

• Do you have a desire to own your own home or are you happy with simplicity of renting? There’s always something that needs fixing around the house. Your wife will provide you with a list. (and nag you about it daily, especially if she knows that you want to go fishing! That’s their job, you know.)
• How stable is your job? Is your rent or mortgage payment dependent on more than one salary? Do you have enough savings to last you for about six months in case one or both of you lose your job?
• Are you likely to move in the next 3 – 5 years? (It may take longer just to break even if you need to sell your house. Will your employer help you pay for your move as well as handling other housing issues.)
• How much are you paying for rent? Are you comfortable with paying that? Would you be OK with paying more or would you like to keep your total housing expenses to remain the same?
• What are your total expenses for rent, utilities, other? Write down all of your monthly expenses and use them for comparison. If you multiply your monthly rent by 100, that will give you a rough estimate of the PITI (Principal, Interest, Taxes, Insurance) on a house that you might buy, based on 3% down and 6% interest rate.
  Use this calculator to more closely estimate the principal and interest payments on a mortgage. Add in the cost of appliances and services that you may need for the new house.
• Are you on a month-to-month lease, or are you on an annual lease that has some months left before it renews? Do you know how to properly terminate your lease?
• Do you like where you are living? (How’s the parking? How do you like your Landlord?)
• Do you have pets, or want them?
• Is your rent going up each year? If so, by how much?
• How safe do you feel, where you are? How concerned are you for your children’s safety?
• Do you think that the local schools are the best for your children? Do you want your children to go to better schools?
• Will you children be changing schools? Before the end of the school year?

Use this rent vs purchase calculator to help get and idea of the financial difference in today’s market.

Are your wanting to explore the purchase of a new home? A previously lived in home in great condition?  A Starter Home?

   

Assistance Programs – programs and information about home purchasing
Texas First Time Home Buyer Program – if you haven’t owned a house for three years you may qualify for this program.
Affordable Housing Programs – lots of programs for various situations. Check it out.
Texas Heroes Program – special programs for U. S. Veterans, fire, police, teachers, etc.Texas Affordable Housing Corporation – down payment assistance programs addressing the housing needs of low-income families and underserved communities.

Owning a house isn’t for everyone but, if you want more information about buying a house, house prices, or want more information about loans and purchasing assistance, fill out this form and let me know what you need assistance with and I will be happy assist you.

There’s much more to this issue. To see the full discussion on this website, click here.