But, there is a point where rent payment IS or can be the deciding factor between renting and owning a home. For many - after all the pros and cons are looked at - it's simple - it just comes down to what's being paid for rent.
For simplicity sake - this is about two opposite ends of the spectrum of renting - low rent payment and high. Consider the low end first - if you have very low rent, are saving money, paying off bills, renting is a temporary situation, you just don't have enough money or your credit is not good enough to buy a place, or you just have to rent because it works for you - then continue renting.
If you are paying anything above $1500 a month for rent - you might want to be an owner. The reality is, if you are in a home with high rent, the landlord has done a credit check on you, you have the income, and you are already taking care of the utilities, yard and most of the items (not counting major ones that might break) at your own expense. (Keep in mind, this excludes a certain population that prefers to rent a higher end home for reasons other than the average person has.)
So why not own your own home? Of course there are many reasons, but excluding things such as possible job transfer, recent bankruptcy, major medical expenses, etc., still ... why not?
If you can afford a high rent payment, here are three things to consider about why you should buy:
What's the worst that can happen about owning your own home? That you have to replace the heating and cooling system or the roof will leak? If it costs $5000 to make these repairs, and your mortgage payment is only $1000 - take the $500 you are saving per month and within one year, that new AC will be paid for. If nothing breaks the first year, you have that money in the bank if something major breaks.
Here in Tucson, the odds are high that you can buy a very nice home, in a very nice neighborhood - with a mortgage payment that is less than rent. The prices are so good right now - it's hard not to buy if you can.
Last, and again, what's the worst that can happen? Something drastically changes in your life - and you can't stay in the home anymore? So, you become an accidental landlord and keep your investment in tact until the market improves enough for you to sell.
If you love the home you are renting and you just don't want to move and would consider buying it - talk to the landlord. I have yet to find a landlord that is not interested in selling - explore your options with your landlord.
Sometimes, it does take just looking at things from a simple point of view to make the decision that is right for you!
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .