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When to Purchase? The Decision for Today’s Buyers

Posted by VIP Realty on Wednesday, January 6th, 2010 at 11:15am.

We hear about the lousy housing market and automatically shy away from purchasing an Alamo Heights home. Then we hear about all the great deals to be had and we rethink our earlier decision. And then, of course, we hear about the difficult credit sector and declining property values and our indecision starts again. Sound familiar? If so, you’re one of a growing number of Americans who are outright confused about this housing market and whether you want to jump into homeownership at this time.

There are those financial analysts who will tell you that now is your time to buy, while others will tell you that renting is the best bet at this point in the game. So who’s right? Well, both sides have a point, actually. Let’s start with the fact that home prices are lower than they’ve been since 2003; a good indication of a buyer’s market. For a home buyer looking for a good deal on a great home in the Alamo Heights real estate market, now may be the time to act. For most individuals, owning a home makes more financial sense than renting.

A home investment allows you to become financially independent at some point in your life and is nothing short of a great investment. Owning a home, for many individuals, provides them with a great source of accomplishment. Being able to paint a room, if desired, rebuild a deck or completely remodel your kitchen is all left up to you; no one to answer to and the freedom to make your house a home. However, for individuals not ready to look long-term, renting may make more sense. Renters do not have to worry about acquiring a large down payment for a home, and maintenance and repair on the property is eliminated. A rental price is straightforward as there are no surprise costs. Owning a home, however, can come with its share of surprises when it comes to maintenance and repairs. Renters are also afforded more independence regarding where and when they move.

Consider all of the homeowners around the country who are currently “trapped” in their homes and cannot move to find employment elsewhere because they can’t sell their home. In the end, your individual circumstances and your budget will likely dictate whether you rent or own. Individuals who haven’t figured out where they want to be in the next, few years will find renting to be their best option; while individuals who are looking to settle down and make a home, owning is certainly the way to go. Your preferences and your goals should dictate whether you rent to own an Alamo Heights home. Don’t get caught up in doing what others tell you what to do because each situation is highly personal and very different. What works for one individual may not work for another. So, always remember to make your decision about you, and not about what the people around you want you to do.

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