If you’re looking for another argument in favor of buying a home, look no further than a recent article from the Chicago Daily Herald. (There’s also a nice little Movoto-plug involved – our VP of Marketing, Mark Brandemuehle, is quoted throughout the article.)
The truth, however, according to Mark Brandemuehl, vice president of marketing for movoto.com, a full-service residential real estate search website, is that because of low prices and historically low interest rates, you can actually save thousands of dollars by purchasing a home instead of renting a comparable one. And that doesn’t even factor in the old, but still relevant, argument that you reclaim many of the mortgage dollars you pay out when you resell a home, while you reclaim none of the money you pay when you rent.
We’ve all heard it: paying rent is like throwing money away. In today’s economy, that’s truer than ever. Rents are higher and home prices are lower than ever before. It’s still not for absolutely everybody, of course. If you’re uncertain about your job or not ready to commit to at least 5 years in one place, the stress of a mortgage plus property taxes and upkeep may really not be worthwhile. But if you’re planning to stick around? There’s simply no question that buying is your best bet.
