Buy a Home or Rent a Home?

I have written about this topic before but as the market changes, some of the questions as well as the answers change.  Even though prices have risen over the past 6 months or so on homes here in southern Nevada, unless you have "free rent", it is better to buy in most cases. 

When making the decision to purchase there is more to think about than the cost now.  Think about the future, with rent you kiss that money goodbye every month. With a purchase a portion of the payment goes toward making that home yours and is essentially putting the money back in your pocket.  Additionally, as prices continue to increase you are building equity in the home and essentially making money.  Now as the past few years have proven, equity is not a guarantee. 

There are other things that factor into making a home purchase too like the age of the property.  In a rental the landlord or management company take care of maintenance issues.  When you purchase a home it becomes your responsibility.  This also make for a great reason to purchase brand new, the builder provides a warranty for anything that breaks in the home. 

There are some upfront expenses when purchasing a home such as the down payment, closing costs, appraisal and home inspection.  I do have ways to minimize your out of pocket expenses too, including down payment assistance programs.  Contact me for a personalized report emailed directly to you to see if purchasing makes sense in your situation.