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Wednesday, November 19, 2008

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Should you be a home buyer or should you be a renter?

Well, that all depends. But here's some help. Let's say you are renting an apartment and paying $750 per month. Did you know that you could buy a $150,000 house and over a 10 year period, you end up over $30,000 ahead by buying rather than renting. This assumes a 7.5% interest rate and that you put 10% down on the house. A lot of the gain will come from the mortgage interest deduction and the fact that your house will appreciate over time. Here's a real good rent vs buy calculator that can help you see the difference in cost.

Before choosing a realtor, selecting a mortgage company, or buying a home, compare different sites to find the one that best fits you and your needs.

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