How to Decide Between Buying and Renting

When you are deciding between buying or renting a home, your comfort and happiness should be your top priorities. But when you could be happy in either a rented or owned home, your decision becomes a bit more complicated.
Here are a few of the most important factors to keep in mind as you look towards your future home and plan your renting or purchasing decisions.

Consider Your Finances

Perhaps the obvious first step is to consider your personal finances. Purchasing a home is a big responsibility, so making sure your finances are in order is an important first step. Before deciding whether to purchase or rent a home, be sure to ask yourself if you have sufficient financially backing for:

• Down Payment
• Monthly Payments
• Upkeep Costs
• Utilities
You should also check on your credit to make sure that you can get the kind of interest rate you can afford if you decide to purchase a home and take out a mortgage.

Consider the Housing Market

Beyond your personal situation, the general housing market is an important factor to consider. If homes are selling for prices below their worth, it may be a good time to invest in a home. If, however, homes are going for prices far above their value, you may want to consider renting until the housing market turns in your favor.

Consider Your Career Goals

Your career can greatly affect your decision to buy or rent a home. If you are in a field that requires frequent relocation, purchasing a new home may not be your best option. But, if you are in a position that will keep you in the same area for the foreseeable future, buying may be the best option for you.

Make Your Decision

With these criteria in mind, you should be ready to make the right decision for your future home today!

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