First Time Home Buyers Often Ask Me The Following Questions ...
Should I Rent or Buy a Home? Can You Give Me Some Advice as a Realtor, Which Way Should I Go?
Part of a Active Rain CHALLENGE: Never Answer the Same Questions Twice!
When trying to determine when is the right time to purchase a home, there are some basic questions you will need to ask yourself to help determine the best answer based on your current situation.
Renting vs. Buying?
1. Here are Some Good Reasons That Would Indicate Your Lifestyle May Be More Suitable to RENT:
- Mobility
If you expect that you will want to relocate within the next 2-4 years, renting is a better option. - Someone to take care of maintenance
Renting allows you the freedom from dealing with most maintenance or repairs. - More affordable (possibly)
Although some rents are close to what you would expect to pay for a mortgage payment, you do not have the responsibility of major repairs, monthly HOA or condo fees, or property taxes. - Easier to adapt to changes in income
Renting allows you the option to keep your expenses low and flexibility to relocate after a lease expires to adjust to any changes in income.
- Here are Some Good Reasons Why You Should BUY:
- Building wealth
Home ownership builds equity over the long term. - Tax advantages
Annual tax deductions are available for most homeowners. - Ability to buy a bigger second home in the future
Equity in a home can be used to move up to a larger home in the future. - Security
Home ownership protects you from a landlord who may decide to only rent for a short period. - Personal satisfaction
- Pride of ownership
Possible Disadvantages of BUYING a Home:
- Greater out-of-pocket costs (unexpected expenses)
- Can Tie up savings (down payment and closing costs)
- Not as easy to relocate or change jobs
- Limits mobility
- Possibility of foreclosure
