June 2008
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In this Issue:
Rent or Buy? More Renters Choose Buying
(Please leave us a comment at the bottom of the newsletter.)
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Rent or Buy? More Renters Choose Buying
Leonhardt points out in his NY Times article, "One of the big lies of the real estate business is the idea that renting a home is tantamount to throwing money away. It's a useful fiction for real estate agents, because they make vastly bigger commissions on house sales than rentals. But the comparison isn't nearly so straightforward for the rest of us.
Renting involves one obvious, recurring cost that can never be recouped: the monthly rent check. Buying, on the other hand, involves multiple expenses, some of which aren't so obvious. On top of closing costs, there are repairs, property taxes, mortgage principal and interest. When you own, you also lose the ability to invest your down payment elsewhere, like the stock market.
Leonardt points out in his article that "most of the time, the decision whether to rent or buy should be based above all on life circumstances. Read the full story about Leonhardt's conversion from renting to buying, and why he did it.. and why he now is encouraging people to seriously consider buying instead of renting, when he's always encouraged people to rent instead.
Mortgage Help: Talk is Cheap
With foreclosures and bankruptcies soaring nationwide, both government and private industry have been promising help to homeowners. The big question is, is that help materializing?
In this video, our Money Talks editor Stacy Johnson, looks at one case where a borrower is in trouble, and why persistence is the possible key to keeping your home. The video runs 1:39…
Home Maintenance for June
June
Time to make some final preparations for the hot weather…
Change the filters at all air returns of your air-conditioning system. While you're at it, vacuum out the cavity behind the filters.
If you have a fan in the gable end of your home to evacuate hot air from your attic, make sure it is working. Confirm that the turbine vents spin freely. While you're in the attic, look for signs of moisture that might indicate the roof is leaking.
Hire a chimney sweep. If you use your fireplace regularly, you should have the chimney cleaned at least every other year. The best time to schedule an appointment is early summer, when business is slow for chimney sweeps.
Check back next month for your Maintenance Tip for July.
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Because the real estate market is making some homes more affordable, many renters are re-considering their renter status and buying houses. New York Times reporter David Leonhardt has been a strong advocate for renting over buying, but now he's changing his tune. Leonhardt recounts his analysis that leads him to buy his first home and give up renting. 
We continue our monthly update from The Weather Channel's home improvement expert Danny Lipford, that not only reminds you of what needs to be done and when, but also shows you ways to save money. 
