To Buy Or Rent a Home

To buy or not to buy?

That’s the question many young professionals face. For many, buying a house will be the biggest financial transaction they will be making. So, if you’re thinking about buying your own home now, it is okay for you to think twice about it.

Buy Or Rent

The question now is should you even buy? Is that even the best option for you? Is it possible that renting is the better option for you for the moment? Right now, younger people are starting to buy their own homes. The fact that 37% of residential buyers are Millenials proves that point.

There are obvious attractions to owning a home. The idea that a place belongs to you and that you “own” it gives you a sense of accomplishment. You can be proud that a house is under your name. After all, owning a house is what established and mature individuals do. 

But owning a home also entails a lot of responsibilities. Are you ready for all of those responsibilities? There are five questions that you should ask when you are thinking about buying a home:

  1. Will you be staying in your home or the same area?
  2. Do you want to be stable or do you prefer flexibility?
  3. Can you pay for the maintenance of your home?
  4. What are your family goals?
  5. What can you afford right now?

Your answer to those questions should help you in making a decision if you should buy or rent. For example, if you have some plans for moving to a different location in the near future, then wouldn’t it be better to just rent in the meantime? You should only buy a house if you plan on staying there for the long-term.

However, some younger people are okay with buying a house even if they are not planning to stay in an area for a while. According to researchers, 59% of home buyers below the age of 29 do not expect to stay in their home for more than a decade. 

If you plan on having a family, you might have to buy your own house, since you will need a bigger place. Then finally, can you really afford to buy a house. You might want a house but is your income going to let you?

Other Considerations

What are the other things that you should consider when deciding between buying or renting? Things like the quality of life in an area should be included in the things that you should consider. Is there a hospital nearby that can provide quality care? If you are planning on having kids, then is there a good school nearby? Places of culture and interest can also be one of the things to consider too. 

So, in other words, there are so many things that you need to consider when you are deciding between buying or renting. It’s a major decision and you should not rush into things before making a final choice.