For generations, buying a home played a key role in the traditional American dream. While it still marks a major milestone, there are many more factors to consider before becoming homeowners than ever before.
No doubt, buying a home is a big financial investment—possibly the biggest most of us will ever make. Although there’s no single right or wrong answer for the long-standing debate between buying and renting, the best way to decide is to evaluate if buying a house is right for YOU.
Before making your final purchasing decision, here are some questions to consider:
Stability or flexibility?
Are you prepared to take responsibility for a home? The type of lifestyle you lead should play a major role in this decision. If you plan to move within a year or less, owning a home probably isn’t right for you at the moment. By renting, you won’t have to worry about any upkeep or maintenance costs, and have more flexibility should you decide to move.
On the other hand, if you plan on staying in one place, buying tends to be the better option. Upfront fees that come with buying can be spread out over many years and, the longer you stay, the more time you have to spread out these costs. Homeownership can also provide certain intangible benefits, such as a sense of stability, pride and belonging within your community.
“It’s important to talk to your agent about your present lifestyle and your thoughts on the investment horizon. Discuss marital status, children, pets and recreational pursuits. All will have a bearing on the type of home you buy,” says Sales Associate, Patti Greenemay.
Are you ready for a home financially?
Home prices, rent prices and stock prices can be tough to predict. Purchasing a home is a financial investment, but first you need to know if you’re in the right place to buy a home.
The first step is to get pre-qualified for a mortgage loan. Your income, credit score, amount of debt, and savings are all factors that will affect your ability to get approved. By getting pre-approved, you’ll have an even better chance of being able to negotiate when looking to purchase a home.
Do you want the freedom to alter your home?
With renting comes a list of rules and regulations as to how you can decorate your living space. If you’re hands-on when it comes to decorating, design, and landscaping, you need a space of your own to do that. Purchasing a home means you can make decisions about how your home looks on the inside and out.
Are you considering buying a home? Still on the fence? Our experienced agents are happy to help answer any questions or concerns you have, and will help you along the way to finding your dream home. Contact us to get started!