Buying Vs. Renting: What You Should Consider

Despite being one of the basic necessities of human existence, getting home comes with a great deal of hassle and even more questions. There is a lot to take into consideration—which is understandable since the only commitment bigger than where you live is who you live with.

To try and make things a little easier, we’ve gathered a few questions that can help illuminate which route is best for you.

How Are Your Finances?

If you’re looking to put a mortgage on a home, you’re going to need a good credit score to avoid costly insurance rates. Even a single percentage increase will cost you tens of thousands of dollars over the course of the next few decades. 

And once you have that ideal credit score, you’ll still want to have three to six months’ worth of living expenses saved up. This is vital for any big investment, which includes buying property. This is a big commitment that’ll require a lot of preparation, which is something you need to take into consideration. 

Where Are You Going? 

Buying a home also means having to stay in one place for a long period of time. It’s estimated that when you buy a house, you don’t want to sell it for at least five years. 

Think about that and see how it makes you feel. If you’ve found a place, you want to put down roots in, buying a property might be right for you. If you’re open to opportunities that’ll require you to relocate, you might want housing to accommodate that flexibility.

What’s Your Future? 

What it really comes down to is how you imagine your future. Do you want to share your home with anyone? Do you want to spend your free time gardening or staying out late and drinking? Does watching a Youtube video to learn how to fix a leak sound like a fun challenge, or would you rather pawn that off on your landlord? 

However you feel, know that your feelings could change along with the seasons of life. What matters is that you know yourself well enough to pursue the home you need rather than the one you feel like you should have. That choice will make things a lot easier for you in the long run.