There once was a point in time when buying a home was the ultimate dream and then the housing crisis happened and things had a major shift. Now it seems that timing has the biggest impact on when people choose to buy. Purchasing a home also seems to be much more popular as an investment than it used to be in the past. Maybe that’s due to all the fix and flip television shows that have gained popularity, but whatever the reason, more and more people are looking into homes to sell after they’ve gained some property value.

What Cost Is Right For You?

When it comes to the topic of renting versus buying, there’s no static good or bad behind your choice. There are so many factors that come into play when it’s time to decide to buy. When you are renting a home, it can be seen as a “waste of money” because even though you are paying to reside there, it’s not permanent. In many states, a landlord can make you leave for just about any reason, and then you are forced to pay even more money to find a new place to live and pay for a deposit, moving costs etc.

Although renting lacks stability, it does mean that you don’t have to deal with taking care of those long term problems that come with owning a property. If you own your home, and there are major plumbing issues, or a leak in the roof, you are responsible for keeping up with these types of maintenance issues which can be quite costly. On the other hand, as a renter, the landlord and property management is generally responsible for fixing these types of things and if you have renters insurance, they will cover the cost for your stay at a hotel if needed.

Is It The Right Time?

When people are deciding to continue renting versus buying a home, one of the main things that people consider is they can afford to buy a home. When browsing Zillow or Trulia, it may look like a mortgage is less costly than paying rent every month, but that mortgage calculator is not the only thing that matters. The internet makes it possible for people to daydream about possibly buying a home, but also provides a lot of information for those serious buyers. But it’s important to consider that all the information provided can’t predict the future, so thinking about more than the numbers is very important to making the best decision for your personal situation.

Depending on where you are renting or buying, the locating can be the defining factor if it’s a good decision for you. If you are living on the coast it might be very difficult to afford a mortgage, so you have to rent but if you moved to the midwest, a home could be the same price as your former rent.

Although there are many options to fund a loan for a home, doing research is the best way to figure out what options would work best for you. You’ll also want to look into what kind of down payment is necessary for the type of mortgage you want and the monthly budget you can handle.

Reach Out Today!

If you are currently renting and think you may be in the market to purchase, we would like to help you answer any questions you might have, so don’t hesitate to reach out today!

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