One of the major influences for me, when I was faced with that choice, was that as a renter, I had no equity in the property. I paid a monthly rent to the landlord, period. That was the downside. The upside was that when the toilet leaked, I called the landlord. I didn’t have to worry about getting a plumber, missing work to stay home to wait for the plumber or paying the plumber’s outrageous fees…particularly if it happened to be on a weekend…it was all taken care of for me.
According to the National Association of Realtor’s spokesperson, home prices are beginning to rise as inventory of existing homes has gone down. Some realtors are even citing the fact that it has almost become cheaper to own than to rent.