Keep Renting or Not?
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Many people question themselves regarding whether they can afford to buy a home or should they continue to rent. With competition so high in local communities regarding school, education, home & car, should they follow family and friends and become a Home Owner or Not?
While there are many sides to both decisions and the final reasoning is what you know about your personal and financial situation, there are a few simple signs Why you should keep on renting?
1. Uncertain about your Job – If you know your job will force you to relocate, Job instability and possible termination of short term contract then you can pretty much know Renting is the best option. Consider being an Investor if you have enough funds.
2. Amount of Savings – From time to time you hear from Home builder or media about the low down payment options for home purchase, Mortgage Rate or low Introductory interest rates. If you do not have enough funds to put down substantial amount of down payment and your monthly payment along with taxes and HOA’s will be a drain on your financials then you are still ok to rent.
3. Home Ownership Responsibilities – Take the time to research home ownership along with all that comes with it. This is not like impulse buying at the mall for that Shoe or handbag. When you purchase a home you will have responsibility for all things related to the home. If you have broken pipes or a damaged roof, its all your responsibility. Do you have available funds and the nerves to deal with fixing and maintaining your landscape, Sinks, Faucets, Garage door the list goes on. If you will stay up worrying about the clogged toilet, then you might want to rethink the concept of home ownership at this time and keep on renting.
These are just a few guidelines to follow before making the big move into Home Ownership. The purpose of this post is not to deter you from buying a Home, even thought I would love to have you as a Client, but to make you aware of yourself and what your capabilities are before making the big jump.
Helpful Khan Academy Video regarding Rent Vs. Buy Options for Real Estate
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