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Buy a Home vs. Rent a Home

Welcome to the debate of buying a home or renting one.  I will put various cities in just to give some local life to the web-page.  So with the economy being unstable in so many ways is it better to buy a Northville home or rent a Livonia house?  Here are some of the pro's and con's to each.

Good reasons to buy your Livonia Home.

  1. Build equity with every payment you make.  Remember even in a declining market there are great ways to bring your mortgage amount down quickly and still come out ahead.  
  2. When Livonia real estate value goes up so does your worth.  Buying when the home prices are low could turn out to be a great investment for your future.  
  3. Pride of ownership in your new Westland Home.  Do what you want your way and enjoy it for years to come.
  4. Freedom of ownership of your Northville House.  Don't answer to anyone about paint colors, repairs, pets, big get togethers, etc.
  5. Own Livonia or Westland real estate for less than rent.  That's right you can own a livonia home in many cases for less than rent.

Remember at $1,000.00 per month, rent equals $60,000.00 in 5 years, $120,000.00 in 10 years, $180,000.00 in 15 years. 

Possible negative reasons to buy a Home.

  1. Tied to Westland home for lenghtly period of time.  It could be possible your considering changing employment, leaving the area or unsure or what your future needs are.    
  2. When Michigan home values decline your worth could decline as well.  If you are not going to be in the house long enough to pay the mortgage down this could be a factor to you.
  3. Responsible for repairs and upkeep of your new Livonia home.  Renting sometimes means not responsible for anything, and you like that.

If you have any questions or have something you think would be a good addition to this page feel free to email me at info@BobandTeena.com