Are You Ready To Buy Or Should You Rent?
Homeownership is on the rise as the demand for housing continues to increase. Buyers from all over are flocking to the housing market looking for more space for home offices, gyms, outdoor living and entertainment. But is buying a home right for you? Let’s take a look.
If you’re deciding between buying or renting a home, it’s critical that you weigh the pros and cons on each side. There are many factors that come into play when deciding to rent or buy, so you may want to start by asking yourself these following questions.
Questions To Ask: Buying vs. Renting
Are You Financially Ready For Homeownership?
There are many costs that go into both renting and buying, so it is important to do some research into your finances. When it comes to renting, you want to factor in the move in costs such as any security or pet deposits, as well as utility costs, insurance and of course the base rent. For both renting and buying, you also need to consider the costs to furnish your place.
This is very similar when buying a house as far as insurance and closing costs go, although the costs will be higher. With a home, there will also be taxes you want to consider. However, when buying a home, unlike renting, you are provided with some help, for example, applying for a loan to help pay for some of the cost.
After checking in with your current financial status and looking at all of the costs, you want to ask yourself if you will be tied up in bills or if you will have freedom even after the costs.
Where Will You Be In The Next 5 Years?
If you’re only planning to stay in the area temporarily, then renting may be the best option for you. However, if you’re planning to stay for more than one year or so, investing in a home might be a more feasible option.
If you plan to stay for more than at least 24 months, then buying a home can truly be a great investment when looking at market volatility. Of course the housing market does fluctuate however, the market right now is hot, and it seems to be staying in that direction. As the market increases, so will the value of your home in a few years, giving you some extra cash in your pocket if you ever decide to sell your home to buy a new one.
Are You Ready For The Maintenance?
When it comes to renting you never have to worry about any maintenance around your place. The landlord hires people to do the landscaping and maintenance whenever you need it. With this in mind, you do not have much freedom with customizing your home. If there is anything you’d like to change you must ask for permission before doing so. At the end of the day, you’re borrowing living space and it is not truly yours.
While owning a home does require maintenance work on your part, you do get to make it the way you love it. Paint the walls, add in landscaping, whatever you want. All of the sweat equity you put in just makes it that much better. Not only will it increase the value of your home to do some upgraded work, but you get to love your space just the way you want it.
Buying a Home in Orange County
Are all the signs pointing to buying a home? If the answer’s yes, then you’ll need an experienced local real estate agent on your side to help you navigate the market.Rosemary Hieber can help. Named one of America’s Top 100 Real Estate Agents in 2020 and ranked as a Top Agent in Laguna Niguel, Rosemary has more than 20 years experience helping buyers in Orange County. Contact Rosemary to discuss the possible benefits and opportunities available to you today.
- M: 949.285.3215