Owning your own home or rent for life
Owning a home or renting for life …should you rent or buy property?
A question of course only you can answer. But first you need to do your research.
Renting can be a good short-term strategy.
I think you would agree in the long term, buying your own property is by far more beneficial.
For example, if you’re not sure how long you’re going to be in an area, or your job future is uncertain, renting may be your best option.
Renting can also be a good strategy for a few months while you get to know an unfamiliar area.
Taking time to find the right neighbourhood and the best home can save you an expensive move later.
Renting can also be a smart move when it’s a buyer’s market (plentiful inventory and stable, or declining prices) and you are able to shop around for the perfect home and the best deal.
For most people, getting married and raising a family is a major reason for buying a home. It gives family members a sense of belonging to a community, of putting down roots in an area and caring about its general welfare.
Having a place of your own that you can improve on and use to express your decorating talents is another reason people give for buying a house.
It’s also no secret that home ownership is a good financial move.
It can be considered a forced savings plan, a way to save for retirement or pay for the kids’ education.
No matter what part of the country you’re living in, the real estate market will be in flux. If there are more homes for sale than there are buyers, it’s good for buying but not so good for selling. Finding good deals on homes to buy will be easier and there will be a lot more opportunity if you shop around.
Looking at many homes and comparing areas and price-per-square foot increases your ability to spot the good deals and move decisively when you do find your dream home.
A seller’s market exists when there are more buyers than homes for sale. Because real estate is a function of supply and demand, when there are fewer homes for sale, a rising tide raises all the home prices in the area.
Don’t assume that the bank where you have your checking or savings account will give you the best deal. Shop the credit unions and mortgage lenders as well as banks for the best rates and lowest closing costs. Do your research.
Look realistically at your financial situation
A big mistake that many first-time homeowners make is to not sit down and look realistically at their financial situation to determine how large a home payment they can comfortably handle.
Not everyone lives the same lifestyle and has the same financial attitudes.
To Rent or To Buy is a Personal Choice
To rent or to buy is a personal choice, a financial choice, and a choice only you can make. Being informed and doing some research along the way can make all the difference.