To Rent a House or Buy: That is the Question

You often hear horror stories from property owners but the same can be said for the other side as well. Finding a decent place to live can be just as difficult as finding a good job, a good babysitter or a good employee. Don’t jump on the first place you see; it could have hidden issues that aren’t apparent at first glance. Even if you’re on a tight budget, don’t sign a lease just because a place is cheap. There are lots of slumlords lurking in the shadows.

Renters often think that finding a place with utilities included in the price of the rent is a great deal. In some cases, it is but that’s not always the case. You may find yourself in the dark if your landlord doesn’t pay the bills and believe it or not, although it may be rare, it does happen. People from all walks of life may find themselves in financial distress at one time or another. Situations such as bankruptcy and foreclosure do occur.

While it is the dream of many renters to own their own homes, others prefer to rent. It is true that being a homeowner is a big responsibility. When you make the decision to buy a home you also have to accept the fact that you no longer have a landlord to call when repairs are needed. Those repairs are now your responsibility alone. You will be responsible for all major repairs such as electrical, plumbing, roofing, heating and everything else that requires maintenance and regular updating. Don’t forget that you will also need homeowner’s insurance. You’ll want to be prepared and protected.

But there is a certain satisfaction that comes with owning your own home. You don’t even mind the repairs so much when it’s your own house. Of course, you must keep in mind that buying and owning your own home can be costly. Many renters want to be homeowners but simply aren’t in the financial situation to be able to make such a major purchase. Bad credit, low income and high debt are a few of the obstacles in the way of many prospective homeowners.

If you are considering buying a house and have any of the above mentioned financial problems seek the advice of a credit professional. Nothing is impossible and even those with less than perfect credit may find other alternatives available to them if they seek professional assistance to repair damaged credit. Don’t rule out other possibilities either such as tax sales or a rent to own option. Where there’s a will, there’s also a way. Don’t dismiss such possibilities as rent to own without good cause. The down payment usually is pretty affordable and the monthly cost may be less than what you are currently paying for rent. For some, this might be the best alternative. Decent homes have also been found at tax sales for a fraction of what buying a house elsewhere would cost.

If you’re tired of renting and really want to buy a house of your own, do some research. Know your credit score. Get a copy of your credit report. Talk to lenders. Most of the time you can get free quotes and find out if you’ll qualify for pre-approval. Inquire about rent to own homes in your areas. Check out local auctions, tax sales and sheriff’s sales. Most importantly, don’t give up. You will find what you’re looking for at an affordable price if you persevere and know what you want.