To Rent or To Buy
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Should I buy? This has probably went through your mind several times. ONLY you can determine if owning is right for you. There are pro's and con's to buying your home vs renting, but one must look at the whole picture of ownership to determine if owning is the right choice for them. I suggest to any first time home buyer that they sit down and make a pro's and con's list before ever looking to buy. Things first time buyers generally are not thinking about, when looking, are the expenses of owning. A buyer must think about the "Emergency Fund" that savings account you need so if there is a break down or immediate repair needed you have the funds. Look at your job, if there is a chance of potential relocation, can you afford to support a mortgage and rent. One should buy where they feel they are going to be for at least 5 years. It will take 5 years (unless you pay extra on principal) to acquire Equity. (Unless you are buying a home below market value rarely will you see Equity within 5 years). 

Of course with that being said, if your renting at 550.00 month paying your own utilities and mowing, then you could probably own for about the same. The 550.00 a month would be going into your pocket "So to Speak". When you own you have collateral and over time build equity. This collateral/equity provides a level of security and stability that most people strive to achieve. Interest rates are low and if you shop around for Home Owners Insurance and Loan rates you can generally get a mortgage for cheaper than renting. 

It is up to the individual as to whether one should own or rent. You must look at your situation, conditions, job, income and of course credit to determine if owning at this point in time is right for you. It was said to me and I quote "I would never want to own, I do not want the burden of repairs and maintenance, I would rather spend that money on my kids and call the landlord if there is a problem." There is no shame in renting; as a home is a home.


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