Realtors say buying is cheaper than renting - WGEM.com: Quincy News, Weather, Sports, and Radio

Realtors say buying is cheaper than renting

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Everyone's looking for ways to make their money go farther, but which would be better for your bank account? Renting or buying?

If you're looking to buy a house for 100 thousand dollars or trying to rent for 700 dollars a month, it seems like a no brainer on which would be cheaper, but realtors say buying a house would actually be better for your wallet.  New homeowners say they're noticing the difference.

 

"My payment itself is lower, although the taxes and insurance you factor in now make it a more progressive payment, but with the rental I was just giving somebody else my money and it was more of it," said homeowner Holly Cosgrove.
 
Cosgrove recently bought this house a few months ago after renting for about a year.  She said when you have your own place, you're not as restricted. 

"You can make your home your own. There are a lot of limitations for renting whether it's paint or modifications and if you can or cannot do it. You have to ask somebody," she said.
 
Realtor Jackie Weisenburger says buying a home is better because even if you do move, you can still get some of your money back, and she's saying more people are starting to figure that out. 

"I will say especially at our office, this year alone we are seeing more and more renters come through our office and we are converting them to home owners," Wesenburger said. 

Weisenburger said one reason people are afraid to buy is because they don't think they'll be able to get a loan.  She says there's a lot of misinformation on what it takes to buy a home.

"You have to have a 680 credit score otherwise you won't qualify and really that's not just the case. Each bank has different requirements," she said. 

Weisenburger stresses this is the time for people to buy because of low interest rates.  Right now a 30 year fixed mortgage is at 4.5% but even if they go down, you can always refinance your home. 

You can click on the link for a mortgage calculator

 

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