How to Choose Between Buying or Renting a HomeDarnell Rollison April 24, 2018 0 COMMENTS
When it comes to owning a home, deciding whether to buy or rent can be a confusing deciding factor. There are lots of things that you have to think of and today, lifestyle expert Liberty Realty is going to discuss what those are to help you decide if you should buy or rent your own home.
The first thing that you would have to think about when deciding whether to rent or buy a home is your budget. Renting will definitely be cheaper, as you would only have to think about paying the monthly rent and nothing else. Sure, you’d have to think about the down payment, but that is just a one-time thing.
You can leave the rest to your landlord, and they’d be the one to take care of that. On the other hand, buying a home entails a lot of responsibilities and payments.
Some of the things that you would have to think about when it comes to the budget are the earnest money, down payment, home appraisal, home inspection, property taxes, insurance, loan payments, utilities, and maintenance.
Think about your needs and wants. Do you need a bigger home for your whole family or are you just looking for a house for yourself? Take a hard look at your living situation and consider everything. If you have a family to take care of, then you would want to buy a house for your own protection and stability.
If you are living by yourself, then you might want to just rent for the moment and contemplate on buying later on.
Your Level of Responsibility
There are lots of responsibilities that come with buying a house. We have talked about the bills that you would have to pay, but that’s not everything. You would also have to think about maintaining and keeping the house clean.
Renting a house also comes with a few responsibilities including keeping the house clean and properly maintained. If you destroy anything, your landlord will most likely add it to your bill (this is just a one-time thing though).
Think about these things and see if you are responsible and ready enough to buy or rent a home. Ask your friends and family for advice or better yet, talk to a real estate agent and ask for help!