Hi Reeders!!! Welcome back. I know you missed me last week but it was for a good cause (happy international women’s day to all my lovely female reeders and also mothers day. *kisses*).
So, this week, I bring you a debate as to whether or not you buy or rent a house. Now, there are no wrong answers as the answers question are based on the conditions of your situation at the time. Here are five questions to ask when weighing your options on whether or not you want to buy or rent a house: What can you afford?
- How long do you plan to stay in the home?
- Do you want stability or flexibility?
- Can you afford to be responsible for home repairs/maintenance?
- What are your financial, career and family goals?
If you’re moving to an unfamiliar city, have an unstable job situation or don’t know what neighbourhood will feel like home, renting for a period of time can be a great option.
“During that rental period, people really get a sense for what they like or don’t like, and we can also start exploring different purchasing options during that time,” Schanck says.
While no one has a crystal ball, it’s important to evaluate your current life situation and how much it’s likely to change in the immediate future.
Another consideration: Can you afford a home that will fit your lifestyle in the next few years, or will a tight budget limit your options? For many people, renting or buying comes down to what they can afford at the moment.
If you still can’t decide on what to do, after putting all the listed thought above into consideration, it will be best if you enlist the help of a real estate agent for more logical and professional advice.