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Tuesday, July 24, 2012

Why are you not buying a house? There is comfort in being a renter.

Why are you not buying a house right now?  You have a good job with excellent income.  You debt to income ratio is well below the maximum allowable debt load.  Your credit score is above average – maybe even what is considered high.  You have some cash saved up.  And there are even many loan programs out there that require little or no down payment.

So why are you not buying a home right now?

Prices have almost stopped dropping and seem to be on the upswing.  Interest rates are at some of the lowest levels in history.  Rental rates have been rising as rental demand has grown throughout the housing down turn.

So, again, why are you not buying a home right now?

The answer is you may be just too comfortable where you are right now. 

For many there is comfort in being a renter.  No worry about major repairs. No worry about things like homeowner association dues, insurance costs or property taxes.  You have the option of picking up and leaving with little notice to relocate for a job change.

I understand being a renter can be a good thing in some circumstances. 

The answer to the question is....only you know if you should rent or buy.

Sometimes being a renter is like wearing a pair of old shoes.  Just as new shoes which may cause a bit of temporary discomfort as you get used to the change, early home ownership may be a bit uncomfortable.

When you are ready to buy a home in Viera, Rockledge or Suntree, Florida or that Cocoa Beach or Satellite Beach condo instead of renting, call me at 321-693-3850.



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