Rent or Buy? 3 Tips to Help You Decide
July 27, 2016 | Posted by: Mortgage InGenuity
The decision to buy or rent a home in is one that should not be taken lightly. After all, the choice you make is going to affect you for at least a year and probably much longer than that. While this is a personal decision, you can use the following tips to help you figure out which option is going to work best for you.
1. Consider Your Lifestyle
When you are deciding whether to rent or buy , you should take into consideration your current lifestyle. Do you travel a lot or can you put in the time it takes to maintain a home properly? If you travel frequently, renting an apartment provides exceptional flexibility that allows you to simply pick up and leave whenever you want, no matter how far you intend to travel. On the other hand, if you rarely travel, you'll have the time needed to mow the lawn, trim the bushes, and complete necessary maintenance on the house.
2. Explore Your Financial Goals
Home ownership can be expensive, but buying and selling frequently can be even more costly. If you are looking to build up equity in a home, then you should intend to live in it for five or more years. Since owning a home brings with it taxes, insurance costs , mortgage payments, and expenses for the upkeep of the property, you should be in a financial position to meet those costs. If you currently have a lot of debt, you might not want to take on the responsibility of owning a home.
3. Look at the Housing Market
While buying a home is often less expensive than renting, the opposite is true in certain areas of the country. Before you finalize your decision, talk to a professional in the field to determine which option makes more sense for your particular budget.
Making a choice between buying and renting a home can be difficult. However, your decision might come more easily if you consider your existing lifestyle needs, your financial stability, and the price to rent or buy in the city in which you intend to live. Take a good look at how you want to live, and you'll be able to make up your mind with ease.