So you havecame to the decision of whether to rent or buy a home. This is a tough question to answer, and you can only truly answer it by assessing your financial situation for the long-term. You can find this out by analyzing your house budget and expenses, other than that these tips will help you make the deciding factor on whether you should rent or buy at your current situation.
One factor that you need to consider for both, is that you need to be able to pay rent or mortgage on time. If this is not going to be something that you can do at the time, it could ruin your chances in the future.
Factors For Renting a Home
Here are a few factors that you should consider to determine if you should rent rather than buy a home.
First off, if you started a new job or your current job is unstable, and unsure if you are going to keep the job for awhile, it would be best to rent in this case. This way you could be able to save money back on the good paychecks to prepare for the bad ones, or worse, a job loss.
Another factor to consider is if you have enough money for a down payment on a home. Sometimes the down payment is what holds many people back from getting a home. While you rent, you can put back enough money to save for a down payment on a home for later.
One last tip to think about, is how long do you plan on staying in the area. If you are only planning to stay in the area for a year or two, buying a home would keep you there for awhile. Renting would be the best option for a limited time frame.
Factors For Buying a Home
Being able to buy a home is an exciting time, and is probably one of the biggest investment for most people. You need to make sure you are in a good financial state before proceeding to buying a home, otherwise you should wait until you are. There are many costs associated with purchasing a home. There are down payments, closings costs, insurance, maintenance, remodeling, upgrades, and the list goes on and on. If you can cover for all the expenses, and you plan to live there for a long time, than this may be the way to go.
So consider all the information presented to better prepare yourself to truthfully answer the question whether to rent or not to rent. I wish you much success, and hope that this aids you in your home search.
Russell J. Montjoy
Exit Bennett reality
7701 Greenbelt Rd # 100,
Greenbelt, MD 20770