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For many individuals, couples, and families, buying a new house isn’t on their list. Many think it’s more expensive and out of their range. A new home could actually be the thing that saves you money.

One the prime examples of where a mortgage is almost always cheaper than rent, is when you live in a large city. Las Vegas, Los Angeles, New York City, and Dallas are a few of the major cities where you can buy a house for cheaper than you can rent. In these cities it isn’t uncommon for rent costs to rise to well over $1,000! That’s quite a chunk of change for struggling families.

Though, all hope isn’t lost. If you have a good credit score and the ability to get a cheap loan, then purchasing real estate is the easiest thing in the world. It takes a down payment of about 20% or more, but it’s well worth it in the end. This down payment will automatically take a big chunk out of what you owe, and it truly makes a difference. Your interest rates will also be considerably lower than if you had a lower down payment.

Of course, once you are moved in you can opt to rent out a room or two. A good roommate is the way to lower mortgage payments. If your mortgage is a bit too high for your liking, you can offset that by renting a room. Remember, the home is in your name, so you don’t have a landlord that will tell you “NO!”

One of the best things about your own home is the ability to have pets, children, and family members live with you. Most “rentals” require additional payments for a certain number of people, and outrageous add-ons per pet you own. This can result in much higher rent than you intended, which is why having your own home is ideal.

Now is the best time to buy real estate. Whether it’s a townhouse, apartment, the mansion of your dreams, or even land. These things are selling for rock bottom prices and companies are basically giving them away. There isn’t any reason why every American shouldn’t follow the American dream of owning a home. Right now tax credits for around $8,000 are also being offered to first time home buyers. This means you can either decorate your new home or put that towards your mortgage!

Final Thoughts

While a home purchase may seem expensive initially, it is usually a great investment that can certainly outweigh the costs of renting for the long term.

Learn more about retail real estate brokerage and tenant representation.

This entry was posted on Sunday, February 14th, 2010 at 3:53 am and is filed under Finance, General, Home And Family, Reference And Education. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.