Expert Advice – Determine What’s Best Buying vs. Renting a Home
Buying vs. renting a home? If that’s a question you are juggling in settling on your next home. You are not alone. Your lifestyle, finances, employment, and future expectations are factors to consider. While many questions exist, we have whittled them down to the following.
Here are 5 useful and practical questions you should ask yourself before you decide:
1. Do I plan a short-term or long-term stay in the area?
Think about how long you plan to stay in a preferred area. Your time expectation can help you decide whether buying or renting is your best option.
Does your immediate plan involve staying in the same area for at least a few years or longer? Then, buying a house may be your best choice.
Is this the right place for you? Will you be relocating with your job in the next few years? Then, renting is the right option for you.
2. How much freedom do I want over the property?
Owning a home means you have the freedom to do precisely as you desire. You can customize the interior to your liking or renovate it as needed. Want to build the yard of your dreams? Homeownership gives you the freedom to create your own personalized Oasis.
Renting limits the choices of what you can do in and around your home. Customizations, renovations, or changes may need your landlord’s approval. On the plus side, renting relieves you of the hassle of home maintenance.
3. What’s my financial capacity?
Buying a house has a more significant potential for financial responsibility. You need:
1. Down Payment
2. Homes Owners Insurance
3. Property Taxes
4. Maintenance and Repairs
Renting reduces the necessary monetary commitment but requires the following:
2. Monthly Rent
3. Renter’s Insurance Where Required
4. Are you ready to plant roots?
Homeownership builds for the future. Children grow up with and go to school with their neighborhood friends. You become part of a community. Increase your wealth with your home’s equity.
Renting gives you the flexibility of relocating with life changes. Change Jobs? No Problem. Don’t like the school district? Easy Fix! Don’t like your neighbors? Problem solved! Renting gives you the convenience of quick, hassle-free change.
5. Finally, am I ready and willing to be a homeowner?
Here are some questions to consider:
· Are you ready to pay mortgage payments?
· How about taking care of occasional home repairs?
· Are you prepared for the yard work?
· Last but not least, are you ready to build equity in your home?
If you answered “yes” to the above questions, congratulations! It sounds like you are ready to be a homeowner.
So, should I buy or rent a house?
Buying vs renting a home? We have a solution for you, no matter what the decision is. You don’t have to make this decision alone. Whatever decision is best for you, we are to help.
Contact us today and start the journey to learn more about buying or renting your next home.