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Morris Digital Works Wire Service
Drips resonate in a bucket positioned beneath the cracked, leaky pipe
under the bathroom sink.
For a renter, the biggest worry is when the landlord will trudge up the
stairs to make the repairs. For the home owner, the bucket will collect
water until he or she pays a visit to a home repair store.
And the landlord isn't picking up the tab.
Buying a home is part of the American dream - the centerpiece enclosed by
a white picket fence. The purchase is a long-term investment and part of
finding roots within community. It's also a big responsibility.
Dennis McCartney, president of the Topeka Board of Realtors, said while
the purchase of a home comes with responsibilities, it is a significant
long-term investment. But home ownership isn't for everyone, he said.
"I've sold property to people who weren't in the mind to make monthly
payments," he said. "They're just not cut out to be home owners."
The rent versus buy decision is dependent on time. A home buyer should be
willing to commit to a house for at least two years, McCartney said.
"If you just graduated from college and moved into a new area, I wouldn't
recommend it," he said. "It's just not a good thing to do."
Seasoned home owners or prepared renters making a leap into the home
buying arena can profit from their investment in a home, McCartney said.
Although the initial monthly costs of buying a home often are larger than
the monthly rent bill, he said many people earn their life savings from
selling a house that has appreciated in value.
The transition from renter to buyer can wreak havoc on disposable income.
Landlords pay the investment costs, and a tenant pays shelter costs, but a
home buyer foots the bill for both.
Down payments have been known to take a significant chunk from savings
accounts.
"I have run into several situations where people have good incomes but
have not saved a bunch of money," McCartney said.
Prospective home buyers who haven't been frugal in their savings aren't
doomed from buying a house. McCartney said loans are available for those who
don't have the typical 20 percent down payment for a home, although
protecting one's credit is key.
Despite the natural progression of eventually purchasing a home in life,
McCartney said both renting and buying have their advantages. Unpredictably
in the short-term housing market can make home valuations a gamble.
In the long-run, McCartney said an upswing is almost a sure thing.
"It's a cycle," he said. "It goes up and down, but the trend is to
continue to go up. Real estate is that way."
All real estate advertised herein is subject to the Federal Fair Housing Act, which makes it illegal to advertise "any preference, limitation or discrimination because of race, color, religion, sex, handicap, familial status, national origin, or intention to make any such preference, limitation or discrimination." We will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.
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