Many people question whether they should buy a house or rent a house/apartment. The answer isn’t a cookie-cutter answer because EVERYONE is at different stages of their lives or wants different things when it comes to their living situation. What I CAN tell you, is the research is the most important part of finding the answer that’s right for YOU.
First thing first, it’s important to take a look at your lifestyle to determine which option fits best for your current situation. These questions below can help you decide which road you want to take in your house hunt.
I plan to live in the area for less than two years
I plan to live in the area for more than 2 years
I want to be able to be flexible and mobile at any time
I want the feeling of financial and living stability
I am currently working to repair my credit history
I want to build investment equity over time
I enjoy having someone else responsible for any maintenance issues
I want the freedom to change my living space to fit my personality
If you answered “Yes” to more questions in BLUE, then I would suggest your best option right now is to rent. Renting is perfect for the typical “on the go” person. By this, I mean the person that is in an industry that requires tons or traveling or relocating. Being able to stick to a short term lease is your best option at this time. What about if you’re working a static job and don’t have to think about your “next location”? That’s when we get more into the property type amenities. Many people start or continue to rent when they think about the ease of having a landlord. Landlords are lifesavers when it comes down to “who’s going to fix the water heater?” or “the pipe underneath the sink burst”. If you’re not the handyman quite yet, or you simply do not wish to be responsible for those types of maintenance requests, then renting will be your lifesaver.
If you answered “Yes” to more questions in ORANGE, then buying a home is right up your alley. Once you’ve gotten to the point in your life where you are settled down and have started or will be starting a family, a home will suit you well. Owning your own home allows families to live a more stable financial lifestyle. You have all the freedom in the world to make that space your own and for your family’s vision without pesky landlords telling you that a shiplap wall can’t happen. On top of that, you will be building your financial portfolio. Not only will you be building equity, but you will also be able to take advantage of tax benefits that cater exclusively to homeowners.
Whether you’re at the home buying stage or renting stage, The Rogers Team is here to help. We can help find your next lease for an apartment or house, or we can help you buy your dream home. Give us a call at whatever stage of homeownership you are in, and we will get you ready to get those new keys!