Is it better to buy or rent a home?
Despite what you may hear, there’s no single right answer. But, don’t panic—we’re here to help! Start by asking yourself these questions:
How long do you plan to stay in the home?
You’ll get the most financial benefit if you remain in place for at least 5 years. It is always a good time to start building equity in a tangible asset such as a home. Even if the market dips after your purchase, it will eventually go back up. Don’t panic and continue to enjoy your home.
Is it a better value to rent or buy in your area?
Look up the price-to-rent ratio, and consider the long-term financial impacts. There are so many loan programs available that you may not need to have a full 20% down payment. Talk to your lender first to see what you qualify for and what you are comfortable paying each month. This will help you make the best decision for you and your family.
Can you afford to own a home right now?
Be sure to consider the costs of maintenance and repairs. Owing a home is work and will require upkeep. There are times when the cost is nominal and other times when you may question your decision. Make sure you have some savings so that those repairs can be dealt with when necessary. Putting off maintenance can create bigger issues down the road.
Can you qualify for a mortgage?
Talk to a lender to determine whether your finances are in order. You may be surprised at the loan options that are available to you. The only way to know for sure is to talk to a reputable lender and find out.
How would owning a home change your lifestyle?
Do you relish the thought of painting the walls or starting a garden, or do you prefer to have someone else handle upkeep? Making your house a home is a very exciting process. On the flip side it is always easier to call your landlord when the roof is leaking knowing that they are financially responsible for the repair. Only you can decide what your tolerance level is.
If you’re still on the fence, check out our latest blog post for more details about how to make the right decision for you.
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