Buying a home is still better than renting. Start building your equity today!
Once upon a time renting made a lot of sense. Times have changed. Drastic rent increases should make tenants rethink buying. There are hurdles and solutions. Remember, investing in yourself with housing can only be done one way. Buy a home!
Hurdle
TRID(TILA-RESPA Integrated Disclosure)–don’t worry about what this means.
The big lenders are leery of not following the new protocol–the fines are huge. The protocol expects the lender to let mortgagee know every part of their loan, giving way to more red-tape and caution.
The solution is to be patient. Those who can wait will have more choices.
Hurdle
Expectations are that you live where you work. Given the increase in job change velocity, people shy away from settling in one place. Why sign a thirty year lease if you are going to change jobs eight times?
Perception affects the attitude. Most new careers are entrepreneurial and with telecommuting a trend in corporate environments, we have more flexibility in how and where we can work. Hence, living near where you work is not a requirement. In the long run more people working from home makes investing in yourself and buying a home a better way to go.