Buy Or Rent Your Next Home? Featured

03 January 2013 1410 times
Is Buying Or Renting Best For You? Is Buying Or Renting Best For You?

Not everyone is cut out for homeownership.  I know the statement is tough to hear, but it's the truth.  If you are currently looking for a home to buy or build, honestly compare your situation with the following.  Better to know the truth now than be stuck in a bad situation later!

Credit Score Below 620

If your Credit Scrore is below 600,  your interest rate will be higher!  Any credit score below a 620 is going to get pricey.

The Fix

  • Fix your credit score by disputing erroneous entries, updating your credit profile, etc.
  • Go through a Dave Ramsey "Financial Peace" Class.  Find available classes around Union HERE
  • Do NOT reduce the number of credit cards.  This reduces the amount of available credit and makes your situation worse!
  • STOP using your credit cards.  If you don't have cash, don't buy it!

High Debt To Income Ratio

If you run out of money before payday, buying a home might not be the best idea.  Homes are expensive, with higher electricity, water, sewer bills not to mention the monthly house maintenance like grass cutting, fertilizer, seed, paint, caulk, carpet cleaner, upgrades.  When you own your own home, everything that breaks is your responsibility.

The Fix

  • Add up all of your monthly bills plus the projected mortgage payment (including taxes, insurance, etc).  Divide this number by your income.  If it's less than 50%, your ok.   If this number is higher than 50%, decrease your bills until the number is around 40%.
  • Go through a Dave Ramsey "Financial Peace" Class.  Find available classes around Union HERE

Employment Instability

What is the outlook for your current job?  What about the industry you are in, is it booming?  Could you be fired or layed off?  How hard would it be to find another, equal paying job right away?  Don't count on Unemployment Compensation. 

The Fix

  • Make sure you have put yourself into the best position you can before even thinking about buying a home.  If you're always layed off and cannot work anywhere else, it might be time to head back to class and get trained in a more stable industry.
  • If your job frequently transfers employees to other cities, buying a home might not be the best option for you.  Currently the sales process is taking between 12 and 16 months to complete.  Not the best environment for quick sales!


Every home requires maintenance.  If you aren't handy, or do not have a handy family member to help around the home, buying a home might not be for you.  Many experts suggest setting aside 5% of the home price for maintenance and repairs.

The Fix

  • Become self reliant!  If you don't know how to fix a leaky faucet or reset the breakers in your home, ask!  Learn to fix simple problems yourself.  Youtube is a great resource for simple "How to" videos geared towards homeowners.
  • Take a class!  Hardware stores and building supply stores frequently have "How To" classes on many differenty topics such as painting, wallpaper, plumbing, electrical and gardening.  Just a few hours of effort now can save you thousands over the cost of repairs later!

Will Renting Cost Less?

If the home you are looking to buy will cost $4,000 per month in mortgage payments, but renting the same size home only costs $1,500...why would you buy?  Save the $2,500 per month to pay down bills or just save for your down payment.  Just don't forget to add in ALL of your costs and benefits of each, then make the best decision possible!

When you are ready to buy OR rent, Bequette Homes is here to serve you!  With over 175 rental properties and 20 building sites to choose from, Bequette Homes can make your dreams come true!  Call  today at 636-583-4311 to schedule your personalized appointment with an experienced home builder!



Quality, selection and price.  Whether your family needs to rent an apartment or buy a custom-built dream home, our staff can get you more home for your money!

Call us today to setup an easy, no-risk appointment at 636-583-4311.

About Us

Bequette Homes is a custom home builder and property manager located in Union, Missouri.  Bequette Homes rents apartments, duplexes, condos and houses in and around Union, Missouri. Bequette Homes specializes in builder financed rent to own situations and can help you land your dream home without a large down payment.

Our Location

109 North Oak Street, Union, Missouri 63084

Call us!  636-583-4311


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