Often, we contemplate when it is time to continue renting or when it is time to buy. Our Anne Winch Real Estate Team has put together some ideas on both. There may be reasons why renting is better for your lifestyle but also there are some redeeming features why you may choose to buy.
Why rent?
Here are some reasons why you may want to rent first before you buy:
- Have a mobile lifestyle where you move frequently to various cities throughout the years
- Need time to invest to save for a home
- You may have a tight budget and buying is not an option at this time
- You may live in a city where housing is expensive for a first-time buyer
Why buy?
Here are some reasons why buying may be for you:
- Building equity
- The value of your home goes up over time
- Stability – you know your payment amount over your mortgage term
- Privacy that a home can give you
When it makes sense to rent
It doesn’t matter where your life may be, it depends on what feels right for you. You may be renting for the time as you aren’t able to settle down with a home right now. You may still be in school, or your job causes you to travel a lot or move from city to city. Sometimes your job situation isn’t stable and it is best if you rent for the time being.
Now is the time to buy
Your first rule of thumb is to make sure your finances are in check. In order for your equity to build up a bit, you need to buy a home and invest in staying for a few years. You need to be ready for the responsibility of owning a home, including the up-keep. Years ago, renting was less expensive but now interest rates are so low that your mortgage payments may be less expensive.
If you are still not sure what to do, then your best resource is talking to your real estate team. Our Anne Winch Real Estate Team can help answer your questions on real estate so that you are informed to make the right decision.
Buying a home is a huge decision and investment. We want you to make the best choice as we understand each buyer is different and each buyer’s needs are different also. That is why we suggest you give our team a call to find out how we can help answer your real estate questions on what is the best decision for you. We would love to help you.