Showing posts from November 5, 2007

More than Money: Considerations for Rent vs Buy

While being a homeowner is the quintessential American dream, finding the right time to buy can be a challenge. Owning a home is likely the largest investment a person makes in their lifetime. Performing a "Rent vs Buy" analysis looks at not only the financial factors involved but the overall value of homeownership versus renting. With so many factors going into a home purchase: finances, lifestyle, employment, and personal goals, it's critical to run the necessary due diligence. Every potential homeowner should run a buying versus renting analysis to determine if the time to buy is now, or if renting is a more prudent decision. Here are the factors to consider when running a buy versus rent analysis: Can You Afford It? A Cost Comparison This question is a bit more complex than it might seem. Often, potential buyers stack the mortgage payment alongside the monthly rent and consider the comparison complete. But buyer beware: there are many overlooked costs associa