To put this question in the context of my bias, which would you prefer, all things considered  –  a room full of furniture that you rent month to month and are responsible for returning in good condition, or a room full of furniture that you can use any way you choose?  Most people would prefer the latter.

Now for the rent or own question.  In our area, rents are high and over time they will just go up.  It is sort of like the adjustable mortgages that have gotten so many people in trouble and for which the whole real estate industry is now in a state of extreme pain over.  To be sure, many in the real estate business helped to create this delema, but variable interest rate loans are to be cursed in the normal application of home loans.  There is a time for them, but it is not when you anticipate living in your home for more than five years.  They are excellent vehicles for investors who know they wont own the property longer than five years, but pure death for the home owner who wants to raise their family in a stable atmosphere.

Back to the original question.  I have been in the real estate brokerage business for close to 40 years and if ever there was a time to stop renting and step up to home ownership it is now.  Interest rates are being held artificially down by the government so that they are the lowest in my entire career.  The price of homes in our area are near the bottom reflecting prices that were in effect a decade ago. Now is definitely the time to step up to home ownership if at all possible.  Do you know that more wealth has been generated by the ownership of real estate than any other means.  “Under all is the land” and there is only so much of it.  The greatest single expenditure that a  family has is their rent or mortgage payment.  Doesn’t it make sense to be acquiring that home instead of buying it for someone else — the landlord.

What a nice feeling it is to go into your senior years knowing that you don’t have to make a house payment because you own the whole thing.

DON’T RENT IF YOU DON’T HAVE TO.  There are many home buying programs available to help you buy your first home.  Take advantage of them, you will never, never regret it.  And that is in spite of all the “short sale” information you hear about.  Talk to someone you can trust.  The right counsel will put you on the right path to successful home ownership.  DON’T RENT!!