Whatever your reason is for relocating, the decision to rent or buy your next home depends on variety of factors based on personal, familial, financial, and logistical needs.
As you discern this question of renting versus buying, here are some questions (from NerdWallet) to ask yourself:
How long do you plan to stay in your new place?
While homeownership provides a certain stability of residence, renting provides the flexibility of short-term commitments. Which of these commitment options is most valuable to you at this time?
Are you financially able to purchase and maintain a home?
In addition to the purchase price of a home, maintenance and HOA fees must be factored into the equation when determining your homeownership budget.
To calculate your home purchase price affordability, check out NerdWallet’s calculator.
Regarding the additional, ongoing maintenance fees, it’s important to get an estimate of what these fees would total and also determine what you will be able to afford. When determining your budget, it’s smart to leave room for unknown, unforeseen costs that will likely arise at some point in the future (such as a flooded basement or furnace replacement).
What kinds of “freedom” are most valuable to you at this time?
Both home ownership and renting offer value. Homeowners have the benefit of renovating without restriction in addition to the stability of a set mortgage rates (as opposed to changing rent rates) and growing equity.
On the other hand, renting provides valuable freedoms, such as short-term residence commitments and little-to-no maintenance costs and responsibilities.
Our team would be happy to speak with you regarding your home ownership goals and needs. Give us a call today and we can help you determine whether renting or buying your next home is the right move for you.