(I thought I would repost a blog I did a while back.  With rental properties flying off inventory (at least the updated ones), it does beg the question "should I rent or buy".  Interest rates just dropped again yesterday to an average of 3.66%  It might be time to call a lender and see if you qualify and what your payments would be.  If it looks good - give me a call! )

Now you can say "of course you think everyone should own a home Karen your a Realtor".  True, but I also rented a home for most of our married life and while it met our needs at the time - home ownership far exceeds it.  Every year I help renters find a "new home" due to rent increases, homes being sold from under them, irrational or irresponsible landlords.  Often, especially in Texas, it is more affordable to own a home than rent.  Ask any HOA and they want a neighborhood that is balanced with a majority of owner occupied homes. Why?  Because they take care of what they can see and live in.  While often blame shifts to the tenants of a homes condition, it is often (as was our experience) a landlord who is unwilling to spend money to upkeep the home and a tenant unwilling (and rightfully so) to make improvements on a property that isn't theirs. Here are so other points to consider.

5 Reasons Homeownership Trumps Renting

The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.

Here are five of them:

· Be your own landlord. The bank can only kick you out if you don’t pay; a landlord can be much less dependable – deciding to sell the property or choosing to live there themselves.
· Paying the principal is forced savings. Yes, it’s possible that home prices will fall further. It is also possible that your 401(k) will lose value. But over the long haul, both are likely to enjoy modest gains in value.
· Fixed-rate mortgages never rise – and eventually you pay them off. With mortgage rates at record lows, people who buy now are locking in real bargains.
· Good schools. Family-sized rentals are harder to come by in areas with excellent public schools.
· Spacious properties in pleasant neighborhoods. Sizable homes in attractive communities are almost always owned – not rented.

Source: The New York Times, Ron Lieber (08/27/2010)