If you’ve been renting an apartment or a home for an extended period of time, you may wonder if you should call up a realtor and start looking at homes to buy. However, before you make the final decision to purchase real estate, it’s important that you consider a few factors, such as:
- Your Timeline- Any real estate agent will tell you that one of the biggest factors you need to consider before buying real estate is how long you plan to stay in the home. If you plan to remain permanently in the area, it may be a good idea to make a purchase. However, if you plan to stay less than five years, you’ll probably be better off renting.
- Job Stability- Is your current job secure? Are you thinking about making a major career change in the future? Before you purchase real estate and lock yourself into a mortgage, it’s important to have a job that can pay the bills.
- Monthly Costs- In some cases, it can be less expensive to buy a home than to keep renting, especially in the long run. Think about whether your budget has room for a mortgage, home repair expenses, higher utility costs, and homeowners insurance premiums when you compare the cost of renting versus buying.
If you need a little bit of help determining if buying or renting real estate is the right way to go, reach out to us. We’d be more than happy to help you make the right choice for your personal situation.