Is it Better to Rent or Buy a Home?
One of the most common questions that a Naperville realtor will receive from potential clients is whether it's better to buy or rent a home. The answer to this question will vary according to the personal circumstances of the individual who asks the question.
If you are planning to be in the Naperville area for a limited time, it may be cheaper and easier to rent rather than buy. However, if you are planning to set down roots in the area, buying a home may well be the more advisable option. It will certainly be more economical in the long run to pay off a mortgage than continuing to pay rent.
Buying a Naperville home is a solid investment. Depending on the rate of interest you can get from a bank, there is no reason to worry about being unable to afford a new home. In many cases, you can get a very reasonable arrangement, such as a 30-year FHA mortgage with a rate that is locked in at something like 4.5 percent.
The lower the rate of interest that you can arrange to pay, the easier it will be for you to eventually own your home. However, if you continue to pay rent for the next 5 or 10 years and then leave, you will naturally have nothing to show for your investment of time and money. This is the reason why you should definitely look into buying, rather than merely renting, a property in the Naperville area.
