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Should you buy a home or keep renting? The truth is, choosing between renting or buying is a big decision. Both options have pros and cons. For example, being a homeowner gives you the major benefit of building equity. However, being a homeowner sometimes comes with costs you might not be expecting. On the other hand, renting gives you the flexibility to move around if you’d like. However, when you rent you cannot build equity. Overall, this is a very personal decision. There are a lot of factors to consider. Here are some questions you can ask yourself in order to help you make a decision:

1- Will you qualify for a mortgage?

Knowing if you would qualify for a mortgage is key when making the decision between renting or buying. Your credit history and job stability are some of the factors looked at when applying. If you qualify for a mortgage, buying a home might be the better option for you. However, if you don’t qualify, renting is the way to go while you figure out your finances.

2- How long do you plan to stay?

If you are a person who doesn’t like to stick around for a long time, renting might be the best option for you. If you plan to stay in the same place for a couple of years, buying might be the right path for you. This depends on the situation and on how quickly home values are rising in your area, but in a lot of cases, it takes a few years to recoup the transaction costs related to buying. Therefore, if you can’t commit to staying in the same place for a couple of years, renting might be the right financial decision for you for the time being.

3- Would you want to remodel/renovate your home?

If you are into remodeling and renovating, renting might not be the right path for you. If you are renting, the odds are that your lease will not allow any major updates. However, when you own your own house, you have the freedom and flexibility to update, remodel, renovate, and decorate to your heart’s content. This is a big factor to consider if freedom to renovate is important to you.

4- Is now a good time for you to buy?

Knowing the right time to buy is a big factor to consider if you are deciding between buying or renting. First, it is important to familiarize yourself with the market, and decide if buying now is a good decision for you. Right now, the real estate market is doing great, but deciding when to buy is still a very personal decision. Talking to a realtor about this can help make the decision easier. You can also access the® rent vs. buy calculator to figure out if the cost of homeownership is a better option for you given your desired location and budget.

Renting or Buying

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