Life is full of important financial decisions, but perhaps the most important decision that adults are faced with in their lifetime is whether to rent or buy a home. While the decision to move from renting to buying may seem daunting at first, the value of owning property can outweigh any initial costs. Before you make your decision, consider these important factors:
- Price of the home: does the price of the home exceed the cost of renting a similar home over time? You want to ensure that you’re getting the most value for your money.
- Long-term plans: purchasing a home is a big decision. Are you prepared to stay in that location for an extended period of time? If you’re thinking more short-term, renting may be the way to go.
- Mortgage details: you should always consider interest rates and down payments when making the decision to purchase a home. If you ever have any questions regarding mortgage process, feel free to reach out to one our qualified loan officers. We are always willing to help you throughout the homebuying process.
- Housing market: while this may be the hardest thing to predict, you should look at the current housing market. You should always try to buy a home when the housing market is most stable. Is now the best time to buy?
- Taxes: these are costs you should anticipate if you are planning on purchasing a home. You should be aware of how much you are going to have to pay in property taxes and mortgage-interest rates.
- Fees and maintenance: owning a home involves fees over time. When something breaks or your home needs maintenance, you won’t be able to call your landlord to get it fixed. Maintenance fees are inevitable when owning a home and you will be responsible for these costs. These costs, however, will pay off in the long run by maintaining and possibly increasing the value of your home.
After considering all of these factors, ask yourself, “am I ready to make the next step?” If you need any guidance or assistance throughout the homebuying process, please feel free to reach out to one of our loan officers.
