Some of you will remember the quote from a Shakespeare play where we hear: “To be or not to be; that is the question”. One important question for those looking for homes in today’s real estate market is whether to buy a home or rent a home. Here a few things to consider as you consider that question:
HOW LONG WILL YOU WILL BE IN THE HOME?- As many people have said, today is a great time to buy a home. Home values are down, home supply is high, and mortgage rates are low. While all of that seems to be a great reason to buy a home, it might not be best for you. If you are anticipating moving to a new community or you are thinking about “upgrading” to a bigger home in just a couple of years, it might be best to continue to rent a home. It will take a couple of years to “earn back” your home closing costs. Since no one how long this buyers market will continue, it might be that you cannot sell your home if you are only waiting a couple of years before you will wanting to sell again.
DO YOU ENJOY MAINTAINING A HOME OR YARD?- When you rent a home or apartment, a landlord will see that the property is maintained. They may also maintain the yard. If you do not enjoy yard work or your work schedule is such that you do not have the time, it might be best for you to rent a home. One alternative if you do want to buy would be to live in a townhouse and/or condo where someone else maintains the yard.
OWNING YOUR OWN PLACE VS. HELPING BUY SOMEONE ELSE’S PLACE- Is owning a home important to you whatever might be the reason? Do you mind that a landlord is buying a house with your money? Does that matter to you?
Best wishes in your decision.-- Randy Wall, Lora Lee Properties
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ReplyDeleteDwan Bent Twyford