I don't believe that renting is the great evil that many people say that it is. If you're not in a position to buy a home or your simply not ready for the responsibility, that's totally fine.
It is, however a great buyers market right now. But just because something is on sale that doesn't mean it's right for you to buy it. If that's the case for you then renting or maybe even renting to own isn't a bad choice if you plan it right.
1. Take a look at your budget: If you can pay your rent with one weeks' net income then your WAY ahead of the game. If you can't, don't let you rent exceed 30% of your net income and if it does.. get a roommate.
2. If you really like the property and could see yourself living there for an extended period of time, check and see if the landlord is open to a rent to own.
It works like this: A portion of your monthly rent goes toward your down payment in an escrow account. At the end of the lease you would get a mortgage and you would have already saved your down payment. This is good for people that don't have the cash or credit to get a home right now and in this market, I'm seeing more and more of these types of transactions.
At the end of the day, it's a lifestyle that you're choosing and that's completely up to you.
Christopher J. Edwards
Ph: 484-319-0223
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