Buy, Sell, Rent Or Lease
A lot depends on your current financial situation
, renting is only a good idea if you are planning to stay in the area a short period of time. Renting doesn't offer any tax advantages or any ownership regardless of the time spend renting. Occasionally renting might not be a bad idea if the market is over inflated or purchase prices are simply out of your league. My sister lives in the Washington DC area, she is single, has a good job but the price of a small home in the area she lives exceeds a million dollars. Therefore on her income of $60,000 she couldn't ever afford to buy, along with the upkeep and repairs. She pays an exorbitant amount for rent and will most likely never own her own home. Those living in New York also understand the cost of ownership and will likely rent or lease all of their lives.Buying and selling a home inside the same market is mostly a wash unless you bought too high. If the housing market goes down, you sell low and buy low, if the prices inflate, you sell high and buy high. When you get stuck is when you bought high and now it is time to sell low, that can prove a real problems which is one of the underlying causes of the mortgage collapse. Overinflated homes now worth half of what there were purchased for. This is a very hard position to be in. Someone has pay back those loans whether it is the mortgage company, the bank, or the borrower, and to keep our banks viable it needs to be the borrower.
With interest rates at an all time low, and tax incentives for new homes now it the time to buy a home. A 30 year fixed rate mortgage would be the way to go to insure that you eventually pay for the home, that the monthly payments aren't too high. Often the rates are so low it is about the same price as renting.
Buy, sell, rent or lease, a lot depends on the answer, but if possible now is a good time to buy that first home and begin putting down roots. Just proceed carefully and be careful to know you market and locations.
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