Tackling the Age Old Debate of Renting vs. Buying a Home

Renting or Buying a home

As young adults move out on their own, they start to look for a place to call home. For some, that means renting, while others are looking to put down more permanent roots. Both options have their merits. If you are trying to decide what is right for you it is important to ask yourself some really important questions. These will help you choose the next logical best step.

Are you planning to stay in the area?
For some people the thought of settling down is the furthest thing from their mind. Others are ready to find a place not just to live, but to call home. If you intend to stay in your location for a considerable time, you might want to purchase a home. If you are just not sure where the wind will take you, renting is a better option.
Can you grow with a home?
Many people purchase their first home assuming it will be a starter home only to stay longer than they originally anticipated because the market was not as kind on their investment as they had hoped. It is important to keep your options open regarding how long you will live in your home. If you are not comfortable being there for longer than your master plan you might want wait until you can afford a larger home.
Is your job and life stable right now?
Buying a house when your life is chaos is not a good idea. If your job is unstable and you might need to move to another market, you do not want to be tied real estate. Additionally, if you are married, it is important to consider your spouse’s situation as well.
Can you swing the payments?
If the cost of buying is similar to renting, you might want to consider purchasing a home. Don’t forget about taxes, insurance, and other fees associated with buying when you are figuring your payments.
Do you have a down payment?
The more money you have saved for a down payment, the lower your monthly payments. And, if you are purchasing a home in a competitive market, a bigger down payment could make your offer more attractive to sellers.

If you are considering purchasing a home be sure to work with a trusted Real Estate Professional. Contact Nancy Hibler at Karges Realty to start your search.

Sources:
https://money.usnews.com/money/personal-finance/articles/2014/10/10/should-you-rent-or-buy-7-questions-to-help-you-decide

Comments

Popular posts from this blog

2017 Illinois Sales and What to Expect in 2018

The Best Time to Buy or Sell a Home

Questions Every Homebuyer Should Ask Their REALTOR®