The question whether you should keep renting or if you should take the plunge to buy is a loaded one. There are many pros and cons to both options, and it ultimately depends on your situation.
If you are currently renting, every year when your lease is up, you are pegged with the same decision; should I really keep renting for another year? You may even hear from others how you should stop wasting your time and money with renting and just buy instead.
There are many things you should research or think about if you are deciding whether to rent for another year or if you want to go ahead and buy a home.
You may be choosing to rent because there is a chance you will have to move for whatever reason. When you are renting, having to move with not a lot of notice is much easier than when you own a home. But, in today’s market, houses are selling quite fast. So, if you are worried you won’t be able to list and sell your home in time, you might be surprised. The way the market is going right now, homes are coming and going so much quicker than years before. You can list your home and potentially have offers within 24 hours.
If you are renting because you don’t think you have enough money to buy a home or even for a down payment, there are many ways you can go about that. There are plenty of loans out there for different types of situations.
Rents are increasing at an alarming rate and according to the September Rental Report on Realtor.com, The U.S. median rental price increased 13.6% year-over-year. So, with rents increasing, you might want to consider buying a home and getting your money’s worth to pay for a home instead of just somewhere that is temporary.
If you are the type of person who likes home projects and renovations, buying a home is for you. With renting, you don’t have as creative freedom that you have when you own a home. Owning a home gives you the decorative and creative freedom to really make it your own space.
There are many reasons to rent or buy a home and you may not be in the right situation to do so but if you are unsure of your options, talk to a real estate agent!