Need Other Options? How About Renting Or Leasing?
Let’s face it, the housing market is in the toilet. There are market analysts that forecast a slow rebound but if the banks and their stringent lending policies are any indication, we still have a ways to go. However, all is not lost, just because you may not be able to afford to buy your own home. It is a well established idea that owning your home is better than renting or leasing because the money that you make on your monthly mortgage goes into building property equity but many people are coming to the realization that renting, leasing, or even leasing to own is not necessarily a bad alternative to home ownership. Many people are actually upside down in their loans because of dwindling property and neighborhood values due to an increase in foreclosures. So many would-be homeowners turn to renting or leasing in order to ride out this ‘housing crisis’. There is another occasion when leasing or renting a home is a better option and that is when you anticipate that you will be relocating to a different town for a short period of time, this is a perfect reason to rent. Short term leasing allows you to explore other options while in a new real estate market.