Renting vs Buying

Should you rent or buy a house? As you look at homes for sale, there’s much to think about when assessing whether you rent or buy. Coleman Group, a top Boston real estate agent, has said, “Your decision comes down to what your lifestyle is like and how much stability and flexibility you’re looking for to fulfill it.”

Without a doubt, choosing between renting or buying is a major choice to make. That’s why you’ll need to arm yourself with the right facts to make the best choice. Today, we’ll talk about three tips on how to decide whether you should rent or buy a home.

Keep Your Finances In Mind When Thinking About Homes For Sale

The decision of whether you should rent or buy a home is a big one. That’s why you should always keep your finances in mind when making a choice as huge as this. Once you’ve checked on the costs of renting and buying, you should also consider the upfront costs listed below. 

  • Down payment
  • Repairs
  • Moving costs

Determine your monthly payments for the amount of home you can afford. A great way for you to do that is by using a mortgage calculator. Whatever you decide, always do careful budgeting early on to be better off financially in the future.

Consider How Long You Plan To Live in The Same Home

You should also consider how long you plan to live in the same home when choosing to rent or buy. Do you plan to put down roots in the community, or do you need flexibility for your lifestyle? 

Scenarios In Which You Plan To Live In The Same Home

Let’s say that you plan to live in this home for five years or more. If that’s the case, then buying a home would make the most sense. This scenario could be the best fit for you in terms of finance and your emotional state. When that happens, you’ll be able to put personal touches to your home better and make it feel like yours.

Scenarios In Which You Need Flexibility To Best Fit Your Lifestyle

If you’re someone who needs the flexibility to fit your lifestyle, then renting may be for you. Let’s say that you’re working towards that dream job in another state. You wouldn’t want to deal with the troubles of selling your home while switching to your dream job. 

You could buy a home and sell it in a couple of years, but are the costs worth it? In this case, you would face countless closing and moving costs. On top of that, you’d be dealing with repair and renovating costs to make your home sell for top dollars. 

Be Aware Of All Costs That Come With Owning A Home

When choosing between renting or buying, be aware of all costs of owning a home. These are the most common costs to be mindful of when considering homes for sale.

  • Mortgage interest
  • Maintenance costs
  • Broker fees
  • Property taxes
  • Opportunity costs of not being able to invest in a down payment

Once you have added up these costs, you can more accurately compare the monthly costs of renting to buying. 

Conclusion

 Searching for homes for sale isn’t something to fear, nor is it something you should feel required to do. When you are ready to buy, consult with real estate agents like those at Coleman Group. You’ll rest easy knowing that you’ll have the guidance to help you make the choice that best serves you.

Henry Mason

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