Is your lease term coming to an end? If so you may be trying to decide to buy or rent your next home. Here are some questions to ask yourself to help you determine which choice works best for you.
- Are you looking to stay in the area for a longer period of time?
Are you looking to reside in your current location long term? If so you may want to consider buying a home in order to save on rising rental rates. Buying a property can also lead to a great long term investment.
Do you want the freedom to relocate? If you are interested in exploring new cities and neighborhoods it may be easier to rent to allow for more flexibility and convenience.
- Do you have savings prepared or do you qualify for down payment assistance programs?
When contemplating buying a home it is safe to have a savings amount of 5-10% of your pre-approved amount. However some loan options offer low and no money programs. These loan options include VA, FHA, USDA, and First Time Home Buyer incentives. Ask your lender to work with you on finding the best option for your budget. If you decide to work with a low or no money down option, aim to still save about 4% of your pre-approved amount to budget for closing costs and home inspections.
If you do not qualify for programs or if you are working on building your credit, consider renting while preparing and saving for the home buying process. Continue to stay aware of the market and work with a Realtor to determine the type of home that you would like to consider when you are ready to buy. This will keep you aware of current market trends.
- What are your life goals for finances, family, and your career?
Write a list of your life goals to put perspective on your decision. For instance, are you interested in growing your family and in need of more space? Or does your career involve travel and relocation?
- Are you interested in the responsibility of repairing and maintaining the property?
The benefit to renting is the convenience of not needing to coordinate, manage, or budget for home repairs. Home ownership does require the additional responsibility.
There are several benefits to both renting and buying. Which decision better matches your needs? If you are considering buying a home or if you would like to learn more about the process, please feel free to reach out to us for a buyer consultation. If you are considering renting, contact us to learn about our rental units that are currently on the market!
About the Authors:
Jeff and Smruthi are husband and wife Real Estate Team proudly serving Jacksonville and surrounding. They offer homebuyers closing cost assistance allowing them to save. For those looking to sell; AgentChase provides competitive flat fee listing options while providing unbeatable service.
Are you looking to buy or sell? Contact us today at 904-513-8575 or send us an email at different@agentchase.com.