| The question of whether to buy or rent housing is one | | | | mortgage payment and then rent for less than that |
| people have struggled with for ages. Salaries go up | | | | amount. Usually mortgage payments are more than |
| but so does the cost of housing. Is it ever a wise | | | | rent for a similar residence, so it is sometimes possible |
| choice not to buy when that's an option? If it's not an | | | | to rent for less and save the difference. |
| option, how can that be changed? | | | | A case recently came to my attention where the |
| The initial stopper in purchasing a home for most of us | | | | person wanted to rent because she was unwilling to |
| is funds and credit. If you can't swing a down payment | | | | take on homeowner responsibility. She looked very |
| or qualify for a loan then renting isn't so much an option | | | | carefully at what her monthly costs would be if she |
| as a necessity. Another stopper is the need for the | | | | bought including maintenance, upkeep, and taxes. Next |
| support that renting is supposed to offer. If it breaks, | | | | she searched for and eventually found a good rental |
| leaks, or falls down it is handy, yet not always | | | | for significantly less than that amount and moved in. |
| effective, to be able to call the landlord. Rental owners | | | | She then put her down payment into an |
| come in all sizes and types and some don't respond | | | | interest-bearing account and added the difference |
| according to rental agreements. Picking your landlord | | | | every month for thirty years. The amount she saved |
| may be as important as picking the rental itself. | | | | by being so highly disciplined, though substantial, wasn't |
| Disabled or retired people who are not able to do | | | | what she would have realized in profit from the sale of |
| regular maintenance and upkeep may look at renting | | | | a well maintained home but she factored in the stress |
| as a wise choice. Apartments come with exterior | | | | that she had averted and felt her plan had been highly |
| painting and yard work included. Also, a community | | | | successful. |
| may work better for these two groups than single | | | | There isn't any "right" way. Don't decide to buy or rent |
| occupancy. | | | | because that's what others are doing or that's what |
| When forced to rent due to a lack of the cash | | | | you're familiar with. Look more closely at yourself and |
| needed for the down payment, it's easy to rent more | | | | your needs and make a personalized choice that will |
| than is needed and fail to save. The better plan is to | | | | support you in the future. |
| see what you could make as a regular monthly | | | | |