To Buy Home or not to Buy Home?

To Buy Home or not to Buy Home?

To Buy Home or not to Buy Home?

To buy or rent? That really can be a heavy decision to make given the current economic and societal trends. Back in the day, when people tended to grow up in the town they were born in, get married to their high school sweetheart, and land their first job, which becomes the job they will retire from, the answer was clearly to BUY. Nowadays, not exactly that simple. There seem to be a lot of other factors to consider and nothing is very predictable.

Four questions to consider if you are trying to decide if you should rent or buy a home:

1. What is your credit report like?

Unfortunately, given some of the current trends, many people are not able to qualify for certain loans. It is key that you know what your credit standing is.

2. How is your job doing?

You may be completely confident that you are performing your job duties in the most professional manner. All of your work performance reviews might have the highest possible ratings. You might be earning a great income, which of course you are aware of because you get the checks! But, this question is actually more posed to the company you work for. How is the company really doing? This may be one of the hardest questions to find the answer to because, all to often, the employees are the last people to be informed when a company goes flat and the jobs are gone. Also, assess if there are any potential plans for a relocation, maybe even a completely unexpected one?

3. How do I feel about home maintenance?

Keep in mind that many people do not possess the knowledge or, sometimes more importantly, the desire to take on home projects. If you know that you are less than motivated and knowledgeable with the home maintenance, you probably shouldn't fool yourself into thinking that you will learn or just hire a professional to fix anything that goes wrong. Statistics show that the average new home buyer is not able to afford professional work on even one home repair project for the first year. Experts constantly urge that you need to set aside 5% of the purchase price to cover maintenance and repairs, right from the get go, when you buy the home.

4. Will renting cost less than buying?

If your mortgage payments would be triple the rent you are paying, it really might not make sense to buy in the situation you are currently living in. I know this seems obvious, but I have noticed that a lot of people miss this important point. Of course, sometimes the excitement of buying a home tends to cloud and hide the simple calculations necessary to determine that renting is actually much cheaper. Understandably so, I think.

And that's really just a start! Being honest with yourself when answering these questions is a key factor in accurately making the decision of whether to buy a home or to rent one. Really try to make some honest attempts to answer each of the questions accurately. Ultimately, in the end, the only one who stands to benefit from or struggle with making the home buying decision is you and your family! Best of luck!

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