Renting vs. Buying

When should you rent?

Tired of seeing the same scenery over and over again, do you want something different? Find all the help you need at the Jerry Mueller Real Estate website using the convenient search tools. It allows you to search by location and property features. Rent the perfect house with Jerry Mueller Real Estate. Renting offers numerous advantages. Find out what they are:

You are new in the area and you are unsure where to buy. If you have just relocated in the area than renting is the best option for you . Take your time to learn about the area without being rushed to take a decision.
Perhaps you re seeking for along term vacation or a seasonal home. Vacation and seasonal home may seem a great an idea , but it doesn't take long for your vacation to become to turn into a working one. Then there are also security issues to consider, the ever increasing taxes and insurance plus the inability to take vacations in different locations. Find your perfect seasonal home and change the scenery every year with the Jerry Mueller Real Estate rental services.
You like to have maintenance and repairs handled for you. Home ownership entails responsibility and can be rough on the budget , mostly with large unforeseen repair. Save your time and money by leaving it to the hands of the landlord. Renting allows you to spend your free time in any way you want rather than taking care of the lawn, pest control and so on and so forth.

Realistic Budget when buying your first home

One the most frequent mistakes made by first time home buyers is setting a realistic budget when buying a home. However it is very easy to under estimate the true costs of owning a house especially if this is your first time. The following list will provide you the necessary information to estimate the true costs of house ownership:

Mortgage, property taxes, insurance and PMI or private mortgage. Even if your mortgage has a fixed rate, your property taxes and insurance will likely continue to increase year by year. Therefore you must plan ahead so you don't have any surprises in the future.
Utilities. One of the benefits of renting is that in most cases the price of utilities is already require_onced in the monthly rent, but once you buy a property all these bills will be sent to you individually. Therefore you must call local service providers in advance to determine what you will pay for the services in the area.
Tools and Appliances. Another benefit of renting is not having to do your own maintenance and repairs plus the use of the laundry room. You do not have to put money apart so that you can buy a lawn mower, washer and dryer and other basic tools and maintenance tools for your first home. And you won't impress the neighbors by moving in a leaving your yard in a mess because you cannot take care of it.

How to calculate the cost of home ownership.

So you have decide to buy a home. If this is your first time you may not be aware of the full cost of owning a house, when calculating the affordability and desirability of buying a home versus renting a home. To compare renting versus buying, use the following checklist to calculate your personal affordability index.

When visiting online search engines, like our website, use convenient mortgage calculators to get an estimate of the monthly mortgage payment. Remember, that the terms of mortgage may change depending upon you're your down payment, duration of loan and interests payment.
In addition to the mortgage payment, another thing to consider when buying a home is the PMI or the private mortgage insurance if you don't put at least 20% down on the property. To get a rough estimate of PMI approximate 01 percent or .05 percent to .10 percent of your monthly payment.
Homeowners insurance and property taxes. Call and get estimates from at least three insurance brokers in your area to find out how much insurance will cost. Don't assume you will pay what the former owners pay for insurance. Your credit rating and other factors can influence your insurance premiums.
Maintenance and Repairs. Decide in advance if you will be doing it yourself or hiring others. Many people who are familiar with renting a condo or apartment are not used to spending their weekends or evenings mowing the lawn or cleaning the pool. Plan on budgeting approximately 10 percent of the total cost of your home each year towards maintenance and repairs. You won't use it all at once: Some years will require only a few small repairs or maintenance items, but other years you may eventually need to replace a roof or make large repairs to AC/Heat units.

To rent or to buy- that is the question.
Owning your house is a great idea that offers numerous advantages, but there are times when it is better to rent that to buy. Still confused? The following quiz may help sort things out.

Yes or No?

I intend to remain in the same location for more than five years? It is often better to rent a home rather than buy if you don't intend to live in the house for at least five years.

Yes or No?

I enjoy home maintenance, lawn care and other household tasks.

Home ownership requires upkeep and maintenance so either budget the cost of having someone else handle it for you or reconsider ownership.

Yes or No?

I desire the privacy and ability to do what I want with my own property.

While home ownership does allow additional freedom there are often deed restrictions, zoning, Home owners associations and other restrictions on what you can do with a given property. Understand what you are buying in advance to make sure it meets your needs.