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The question can be difficult to answer, but it can be broken down into simpler questions to guide you through the decision making process.

·      How long do you intend to stay in your next home? Renting is better than buying if you anticipate moving in a short period of time.

·      Do you plan on keeping your current job? If not, can you reasonably expect to find another job in the same area?

The purchase of a home involves a number of one-time fees and expenses. If you end up staying in the home for less than five years, it will be difficult to justify the expenses associated with a home purchase. On top of taking a financial hit on closing costs, you get the added burden of selling your home and another batch of expenses from the sale.

If you feel confident that you will stay in your next home for at least 5 years, the next issue to consider is financing; Do you have a good credit rating? Are you eligible for a mortgage? Check with your local bank or a mortgage broker at GayMortgageLoans.com before you shop for a house. They can help answer questions and give you some guidelines about the amount of money you can borrow for the purchase of a home.

The mortgage qualification process has become tougher in recent years, but it can be done. If you have stable employment and a financial situation that is easy for a lender to understand, there is no need to fear the mortgage application process. Although banks prefer to deal with borrowers who have a 20 percent down payment, there are ways (even some government programs) to help you get a mortgage with as little as 5% down.

If you plan on keeping the home for at least a few years and you are eligible for a mortgage, it is time to shop for some houses and consider the cost of ownership vs. the cost of renting. Visit GayRealEstate.com and connect with an agent in your area to discuss the options with a seasoned professional that will work with you as your advocate.

When calculating the true cost of ownership vs. rental, it is important to add up the various costs associated with either option.

Rental is fairly simple -- you pay rent and little else. In return, you own nothing except the right to occupy the home for the lease period.

Home ownership is a bit more complicated. Certain homes have mandatory fees for a condo or homeowner association, be aware of these and the association rules and policies to make sure you can abide by them. Next, consider the tax implications of owning a home. Property tax is a major expense in many parts of the country varying widely from one city to the next. Make sure you understand the property taxes for any home that you consider buying. Mortgage interest and property tax are usually tax deductible on your Federal income tax return. Check with your accountant to get some estimates about how much you might save on your taxes if you buy a home. In general, the government wants you to buy a home. This is not the right choice for everyone, but tax regulations favor homeowners.

When all factors have been considered, the rental and purchase options are both viable, and cost does not force the decision one way or the other, most people will buy instead of rent. Given the choice, most Americans prefer to own their homes.

Now is the time to explore and investigate the opportunities of home ownership ~ Contact a Top Gay, Lesbian or Gay Friendly Real Estate Professional at www.GayRealEstate.com and let your life begin!

Author Jeff Hammerberg is the Founding CEO of www.GayRealEstate.com ~ Free Instant Access to the Nation’s Top Gay, Lesbian and Gay Friendly Realtors Coast to Coast.

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