Are you looking to move but can’t decide whether buying or renting is the right option for you? The answer is different for everyone, depending on their specific circumstances.
There are many factors to consider before committing to a lease or mortgage. We look at three areas to get you started on the path to a new living space!
Evaluate Your Finances
When considering a move, finances are the first factor to think about. If you’re interested in buying a home, it’s important to ensure you can make a down payment. Moving forward, does your income provide the money needed for a monthly mortgage and property taxes?
Buying a home can be a great way to build equity and credit. Mortgage rates are currently lower than ever, which can make the approval process easier. Yet for some, renting may be the better option due to fewer upfront costs and potentially lower monthly payments.
However, both options require financial responsibility. To avoid any possible complications with either choice, it’s a good idea to get your finances in order before a move.
Are You Looking for Stability?
Buying property can give you more stability than renting. This is often the preferable choice for families with kids, who want to put down more permanent roots. Children can remain in the same school system for years to come and you have the opportunity to create lasting bonds with friends and neighbors.
Some people enjoy the consistency that comes with owning a home, but not everyone is ready to commit to a more independent living situation. Many decide to rent in order to maintain a sense of mobility and freedom.
Renting also makes it easier to change location once your lease is up for renewal. It can also be beneficial to those who move around a lot for work or don’t like to stay in one place for too long.
Customizing Your Property
If making home upgrades is important to you, buying may be the right choice. When you own property, you can remodel or make the repairs you want without having to seek approval from a landlord first. Yet, keep in mind that certain home renovations require a permit through your local municipal government office.
However, renting does not prevent you from customizing your space. There are many ways to spruce up a rented home, without making permanent damage and losing your security deposit! For example, adding a colorful throw rug or hanging décor from temporary hooks.
Are you ready to make the move? We offer both custom homes and rental properties. Schedule a showing today!