Many people, especially millennials, feel nervous about the financial and personal risks of buying a home, and continue to rent for years on end. How can you figure out if renting or buying a home is right for you? It’s a multifaceted decision that Ty Wallace and his team can help you figure out for your particular situation, but here are a few ideas to get you started. Here’s a helpful infographic from the New York Times to help you compare the costs of owning versus renting a home.
Are you financially stable?
This is a key factor when you’re considering whether you’re ready to buy a home. Do you have a steady job that pays well? Have you saved up for the down payment, closing costs, and other fees? Do you have a savings cushion for unexpected expenses? While renting, you don’t directly pay many expenses—are you prepared to pay for all the utilities, taxes, and other maintenance costs associated with owning a home? Homeownership is often more expensive for the first few years than renting because of various upfront costs.
Are you committed to living in the same home for awhile?
Homeownership makes sense when you’re ready to settle in a home for at least 5 or more years. If you prefer the more on-the-go lifestyle where you change homes every year or two, homeownership is probably not for you.
This is just the tip of the iceberg—there are many other variables that could impact your decision to rent or buy a home. Keep researching and asking questions, and feel free to enlist Ty Wallace and his team’s expertise in regard to this commonly asked question.