7 Reasons to Consider Renting Instead of Buying

Oct 22, 2010, 12:01 ET from ChristianPF.com

ST. LOUIS, Oct. 22 /PRNewswire/ -- Personal Finance Blog, ChristianPF.com published an article discussing 7 reasons to rent instead of buying a home. It seems that the old adage that you are "throwing your money away" by renting is no longer applicable. The article presents several arguments for the case of choosing renting over owning. 

An excerpt from the article...

Owning your own home may still be the great American dream, but, the influx of foreclosures in recent years has made it a nightmare for millions.  If you are considering purchasing a home, I challenge you to at least think through the advantages of renting before you buy.  Here are a few.

1. Less Risk

Strangely, risk seems to be the factor least considered when one contemplates buying.  Consider it.  If you are married and are basing your mortgage payments on two incomes,  you are in lala land if you ignore the possibility that one of you could lose your job.  With unemployment at 10%, there is a one in ten chance of a single income being lost and even greater odds that one of your two jobs could disappear.  Reality check: renters face zero percent chance of foreclosure. Bank of America is estimating that their foreclosure rate will be up 600% by December of 2010.  Obviously, lots of home owners didn't correctly factor risk into their purchase decision.  Don't allow yourself to be part of that statistic.

Read the full article: http://christianpf.com/reasons-to-rent-instead-of-buy-a-home/

SOURCE ChristianPF.com