Is Buying or Renting Right for You?
Is Buying or Renting Right for You?
Deciding when is the right time to jump into the home ownership arena can be tricky. Many say your home is your greatest asset but others say it is your greatest liability. Regardless of which of these schools of thought you belong to, there are a few things we all can agree on that make it the perfect time to purchase a new home.
Our market is on the upswing and things are looking better all over. The real estate market is good right now because of a few factors, like low interest rates, increased buyer confidence and low unemployment. But is it the right time for you? Below (from FreddieMac.com) are two lists of personal goals and situations that will help you see if you are ready for home ownership.
The decision to buy or rent depends on your current financial situation, your future plans and the lifestyle you want to live. Both options have their own set of benefits, and potential drawbacks, that should be carefully evaluated.
Buying may make sense if you…
Have reliable income, good credit and documentation to verify your savings.
Can afford at least a five percent down payment and related closing costs.
Want a chance to build equity and be eligible for homeowner tax breaks and credits.
Are financially able to take on home-maintenance/improvement projects.
Have an adequate cash reserve to withstand a loss of job, long-term illness, or other financial setback.
Are planning on staying in your home for at least four years.Renting may makes sense if you…
Have a career or lifestyle that requires you to move frequently or suddenly.
Prefer having a set monthly budget and cannot afford unforeseen home-maintenance expenses.
Do not have the time or desire for home maintenance /improvements.
Enjoy having amenities such as a pool, gym, concierge and tennis courts.
Plan on downsizing your living space or retiring in the near future.
Are experiencing a financial setback and/or rebuilding your credit.The advantages of owning or renting are different for everyone, so be sure to consider these important personal situations and long-term goals before making your decision.
We know this information is sound and hope it is helpful to you. And, remember, when you are ready to move home or office we would love to help!
Get a free online quote today.
Comments Off on Is Buying or Renting Right for You?
