Image via Wikipedia
Image via Wikipedia
When it comes to choosing if you should buy a home or rent one, the decision is often all about money. Most people realize that they need to afford to purchase a property in order to do so. However, keep in mind that the old thought that it is just as affordable to buy as it is to rent really is not the case.
Things to Keep in Mind
Before you make the decision to buy a home, realize that renting may be best for you, in some situations. To make the decision to buy, know what to expect. Here are some things to keep in mind.
- When buying a home, you may pay the same in a monthly payment as you do to rent, but you have added expenses as a buyer. This includes real estate taxes and more utilities.
- Consider the current market in your area. If it is a buyer’s market, which means that the number of homes for sale is good and the prices are low, it may be time to buy. On the other hand, if you believe home prices are still going to fall, waiting could mean getting a better deal in a few months.
- Know what you can afford, not just what your lender thinks you can. Consider your expenses and the way you live financially speaking. Then determine if you can afford to buy.
A variety of factors play a role in the overall decision to buy or to rent. However, it does not have to. Just consider what fits your lifestyle right now. Choose a short lease if you feel better about going that route immediately.
