Zillow recently released an article stating that “the average national homebuyer will save money over renting if he or she stays in a home for only three years. And in at least four Florida cities, a homeowner only needs to stay two years to make ownership the preferred option.”
Zillow examined the “breakeven horizon” for over 200 cities throughout the United States. Typical costs associated with buying or renting were considered in this analysis. These factors included down mortgage and monthly rental, closing costs, property taxes, utilities, maintenance, tax deductions, as annual inflation and changes in home values and rental prices.
I meet many renters that are on the fence, thinking of hanging up the renting towel or trading it in for home ownership. Home ownership is the largest purchase you may make in your life and it’s also the most rewarding one. I hope this bit of information will help you off the fence and into the field of home ownership.
Renting is better only if your rental fee is very low or if you only plan to stay in the house for a few years. In most cases, it's better to own a home rather than to rent as you get to pay money towards owning your own property. However, a home loan is a long-term and substantial amount of debt so it is essential that you first evaluate your job stability and financial status before you decide on.
ReplyDeleteRegards,
David from Mybondquotesa.co.za