Should I Rent or Buy? We Have The Answers Here

One of the most important questions to ask when buying a house is whether you should buy a property or find something to rent instead. Determining the answer to the question “should I rent or buy” involves evaluating your current finances and looking forward to the future. Keep reading for help determining if buying or renting is best for you:

How Much Flexibility and Mobility Do I Need?

Renting a home gives you the option to relocate at will. If you would still consider settling down in another city, then you may want to rent your home for now. Renting gives you the flexibility to move for a new job, to be closer to family, or to simply try life on the other side of town. If, however, you plan to stay in the area beyond the next five years, you could purchase a small “starter home” and scout around for an upgrade in the future.

Should I Rent or Buy? What Can I Afford?

In many cases, having a mortgage can appear cheaper on paper than renting. Also, you will avoid the dreaded feeling that you are “throwing money away” on rent. However, you should consider the additional expenses that come with owning a home, including property taxes, lawn upkeep, and HVAC repair.

Another aspect to consider is price flexibility. If your company downsized, would you still be able to afford mortgage payments? If you got a new job closer to a city, would you want to move closer to lessen the commute time? Finally, if you began having children or had other relatives move in with you, would you need a larger home? You can make these changes by selling your house and paying off the mortgage, or you could stop renting your current home and switch to a new location. Selling your home can be more time-consuming, but it could be worthwhile if your property were a good investment in the first place.

How Much Time Can I Invest in the Home-Buying Process? 

This is one of the best questions to ask when buying a house in a new area for the first time. Do you need to move immediately, or do you have time to hunt for the perfect home? You must establish whether the new home has long-term value and a chance of profit appreciation. Examine the city and neighborhood, and talk to your realtor about buying and selling trends in the area. If you cannot guarantee that selling your home in the future would turn out a profit, you could wind up paying more to get in and out of the market than you would have while renting.

Hopefully asking yourself these additional questions will help you determine whether buying or selling is right for you. Whatever you choose, take your time while making decisions and have a trusted realtor on your side.