Buying your first home may seem intimidating, but it is often easier than you expect. However, determining if it’s the right decision for you is definitely important to keep in mind!
To start, review the advantages and drawbacks of renting. If you’re renting right now, it certainly has its perks. If your furnace breaks, you can call your landlord to fix the issue, and there is often no expensive out of pocket repair costs. On the other hand, not all landlords care about investing in their properties and keeping them well-maintained. If a landlord neglects to make energy efficient upgrades, you could be paying unnecessarily high utility bills. Spend some time learning about what regular home maintenance entails to get a better idea of price comparison.
Renting allows you more freedom, but it can lack personalization. Some places may not allow you to modify the home, meaning you may have a home with paint colors and landscaping that don’t match your style — or you might have to put off adopting that dog you’ve wanted for so long. When you own a home, you can knock out walls to create the master suite you’ve always dreamed of or design the perfect backyard oasis for Fido.
Renting may be a good option for people who move frequently or anticipate having to relocate in the future. You usually have the ability to terminate your lease without the stress of having to worry about selling your home.
Unfortunately, there is no return on investment when renting. In contrast, buying a house can be a great investment that may allow you to build equity.
Another huge perk to buying a house is that you can lock in your monthly payments for the entire term of your loan, depending on the type of loan you choose. If renting seems like a more affordable option now, consider how much the rate could increase over the next 30 years.
To determine which option is better for you, consider where you might be five years from now. Is your job steady and dependable? What’s your current financial situation?
If you feel like you’re ready to take the next steps towards homeownership, let me know! There are housing options available for many kinds of buyers. I am happy to help answer any questions you may have. More home buying tips can be found here.
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