Deciding to purchase a home can be an exciting time – but it can also be challenging! If you’re on the fence about whether to buy or rent, read on! Here are some things to consider when deciding to buy a home.
Will You Stay Long?
Do you love your community and want to plant your roots there? Or do you want to move frequently? If you think you’ll live there for several years, buying might make more sense. But if you’re unsure how long you’ll stay in this neighborhood or city, consider renting until you’re sure.
Costly Consideration
A lot of costs are associated with buying a home, including a down payment, closing costs, moving costs, and renovations and repairs. But there is also the benefit of your monthly mortgage (hopefully) being less than the cost of rent.
When you rent, you may pay more monthly, but there are perks such as not being responsible for repairs, potentially having some utilities bundled into your rent, and not having to take care of your lawn.
What Is Your Life Situation?
We know these are big questions. But ask yourself: Does your job require travel? Do you want kids? Do you know the basics of home maintenance, and can you afford to pay a professional? Renting can be a better option if you’re trying to save money and time, as it’s more convenient to have your landlord manage your property’s upkeep.
Can’t Forget Taxes
As a homeowner, you’ll have to pay property taxes. As a renter, you won’t pay property taxes directly; instead, a portion of your rent often goes toward property taxes.
Are You Insured?
Homeowners insurance is often required to protect your home and belongings from damages caused by things like water or fire. On the other hand, renters insurance is rarely required and is significantly less expensive.
Know Peace
When you own your home, it cannot be sold without your permission – if you keep up with your payments. If that is important to you, buying might be the best choice. Renters aren’t granted this peace of mind, but they can move when and where they want when their lease is up.