Typically when thinking of real estate, being a homeowner is what most people are drawn to. But in the current market, potential homebuyers are looking away from that option, and instead bringing in another option: renting.
Renting as most people know, is a great approach for temporary situations. It has lower commitment pressure and is more easily manageable. However extraneous fees can be quite expensive, depending on the quality of the unit.
Buying a home on the other hand, holds you accountable for the maintenance of your property, but nothings beats the feeling owning the place you live in. Prices in this market have increased dramatically, making it competitive to get your foot in the door just to keep up with other offers.
There are many questions to ask when making this choice. Have your real estate agent help you answer them. Some of them are listed below:
Are you ready to own a home?
This may sound more basic than it is, but let us tell you why it’s not. Owning a home comes with its own accountabilities and this may comes a shock to you the first few times. Depending on which point of your life you’re in, your reactions to this situation can vary.
Do you have a stable job?
Having a stable income is not only helpful but in this case we will be putting it down as a requirement when purchasing your own home. Having a stable job or some kind of steady income will ensure you’re secure with your choice of buying a home. Consider your financial situation thoroughly, that will be the toughest hurdle for you to jump over.
How long do you plan on staying in your new home?
If it’s 3 years or more, then you’re better off buying your next home. Renting is considered a more temporary option, better suited for those making transitions in their lives. Buying a home to live in for 3 years or more can bring you a larger return when it comes time for you to buy.
Discussing your answers to these questions with your real estate agent will help you understand if renting or buying is the better option for you. By assessing your current situation along with foreseeable changes in the future, you can avoid making a choice you will regret.