Who Should Rent And Who Should
Buy Homes In The Twin Cities?

There is no black and white answer to the question of who should rent and who should buy. There are many different circumstances that can have one be preferable to the other.

There are many pros and cons involved in both renting and buying, the truth is, you will need to decide for yourself which is appropriate. Her parents advice that buying a home is always the best option is not necessarily true. If you or someone in a job that requires you to relocate frequently, you will have difficulty building equity. If you attempt to own your home. You'll spend a great deal of your money on closing and moving costs rather than paying down your loan. This is just one of the example of someone who should rent.

Furthermore, if you or someone who has neither the talent nor the interest in doing minor home repairs, it may also be appropriate for you to rent. If you are in this category and choose to own your own home. You may want to associate yourself with a handyman.

If you are in an area of the country, where rents are significantly low versus the purchase price of a home and the associated mortgage, it may be appropriate for you to rent versus purchase. Also, if your credit is significantly low or needing repair. It may be appropriate for you to rent until such time as it becomes easier for you to make a purchase. If none of the above scenarios apply to you, it may be appropriate for you to consider purchasing a home.

If you or someone who would like to take advantage of appreciating real estate in Minnesota, i.e. equity, home-buying might be your cup of tea. Also, if your income is sufficient for you to desire a good-sized tax write off from the interest on your home, you to maybe one to consider a purchase. If, in addition, you are even a little handy, you'll find no trouble keeping up with the maintenance of a home that's an average to good condition.

The ownership of a home, also adds security and privacy. My advice to you, if you are even mildly interested in someday owning your own home, would be to find out exactly how much you qualify for with a good lender. When you know that, you can look at what's available online and choose for yourself whether you would like to have that or continue being a tenant. There is no harm in looking.