Should I rent a house or buy?

When you posted this 4 years ago things were very different. I know that today the 30-year fixed mortgage rate is 2.98,,,,,That's the lowest it's been in 50 years. I always say it's better to buy, but it depends on the person.

Tammy,

Happy New Year! Great question! I, contrary to most REALTORS who I know, am most definitely of the school of thought that buying is not for everyone. I do believe that buying makes FAR more sense in general, especially from a long term monetary value stand point, however not everyone's life fits a specific mold of living. Reasons to purchase: You are paying down an investment for yourself AND living in it! You have the full freedom to do what you want, because its actually yours! So hang pictures and TV's wherever you'd like, go crazy with the paint colors on the walls, change the floors, cabinets, countertops, appliances, etc! Many of these things may continue to add more and more value to your asset! How wonderful! Most landlords only allow you up to the 3rd day of the month to pay before late charges begin occurring, while most mortgage companies actually allow you 2 weeks! Generally, a mortgage payment is less than the rental payment on a given home. My first home's mortgage payment was $1000 per month, but the rental rate was $1550 for that home. The difference may not always be that dramatic, but you get my drift! There are tax benefits for being a home owner that you would not have as a renter. Now on the other hand, here's when renting may make more sense: If you can't get qualified for a home loan, then you'd have to rent lol, so obviously renting makes most sense in that case. On a more serious note, If you move a lot (say every year or two) renting would likely make more sense. If this were the case, it may be more difficult or not possible to recoup your money from the sale of the homes you're purchasing each time you move. If you want a bit less potential maintenance responsibilities and aren't worried about the money. If the area you want to be in is more expensive to purchase than rent in. Feel free to reach out to me directly to asses which is right for you!

Cody Mier
Intero Real Estate Services
(832) 373-9755
cody@interohouston.com

Why Rent, when you can buy? If your situation changes you can always sell it or rent it. Either way you can't lose in the long run.

Hi Tammy,
If you intend to stay more than two years in the house, it makes sense to buy. If your horizon is less than 2 years or if you have a highly volatile job that may require to move on a short notice basis, renting will provide you with the flexibility you need.
Best,
francois@cozy-homes.com

I agree with Mark's answer above, only buy if you are ready. There are many things to consider before making the commitment of buying a house. It depends on what your long term goals are, whether or not you are planning to stay in the area for at least a few years, whether you are financially able to handle the repairs that inevitably come up with home ownership, and the list goes on.

Your best bet is to talk with a team of professionals. Most REALTORS® have a good network of professionals to advise you. REALTORS® regularly work with mortgage lenders and home insurance agents, so they can help you find reliable information, such as the cost of insuring the home you want to purchase as well as what the true cost of your mortgage may be for a particular home.

I recommend that you speak with a few different REALTORS® to interview them and see who you would like to work with. You want an agent who has your best interests at heart. That's our philosophy at Cloud Realty. Give us a call if you would like to talk.

All the best,
Andrea Cloud Wagner
Cloud Realty
281-359-9999

There are many pluses towards buying a home. There is more to the question, however! How long do you plan on staying in the area? Is this a last home you plan on being at? Do you need the tax write off? If you are only planning on being in the area a short time, then renting may be the best way for you. If you are unsure, then maybe rent for a year to try it out and then decide.

Hi Tammy,

Long term, buying is always the best option as you control your living expenses to some degree and your paying down a mortgage (vs paying rent) and thus increasing equity in a home that you can recoup when you sell...kinda like a forced savings account. The markets go up and down, but long term your odds of making money are good. Renting, no chance of that.
Renting is a good option in several cases including your finances are not ready, your might be leaving the area, not sure what part of Houston you want to live in and that you are still saving money. Never buy if your not ready financially.
No reason to rush and force the issues. I always tell Buyers, there will be other opportunities. You buy when your ready.

Might need a little more information, but I hope this helps to some degree. The link below might help as well.

Mark McNitt
832-567-4357
Bernstein Realty

Hi there, right now is a good time to buy. Interest rates are the lowest they have been and the inventory is high so sellers are very motivated yo negociate. If you can buy, I would buy as anything you buy now can only build equity. What area of town are interested in buying now?
If you do not already have a realtor that is working with you in making this type of decisions, feel free to call me at your convenience. I will be happy to help you figure out what is the best for your specific case once we can talk more.

Please call or email me :
Yenny Mattei
713-836-8243
Yenny@yourblvd.com

Awesome question. It depends what your goals are! Do you want to own an investment? Then buying is definitely getting you in the right direction. However if you are not interested in dealing with possible repair and maintenance issues that arise in owning a home, you might want to rent!

You should buy right away if you can.