Rent or Buy?

Looking to move but not sure what is best for you to rent or buy? Whether you are in your 20’s looking to lay down roots for the first time or whether you have been a previous homeowner and looking for something new, here are a couple ideas to think about when deciding whether to rent or buy your next home.

How long do you want to be in one place?

If you are looking to stay in a place for less than three years and you want a “no strings attached” commitment, renting would be better for you in the short term future. If you plan or stay somewhere longer than three years think about owning something that can become your space completely with no restrictions.

Finances, Finances, Finances!

When renting a place you have your set rent and then more times than not you just have utilities to cover whatever you need to move in. There is usually a security deposit and maybe the first and last month’s rent at signing but not as much goes into renting a place vs. if you are looking into buying. Buying you need to have money for closing costs, down payments, moving costs, and other maintenance long term. Buying is more of a long term commitment and once you buy, the property is yours and you can do whatever you want without having to go through a landlord or another owner.

While these seem like simple things to think about, these are two major keys when deciding on whether you should rent or buy. Now that you have thought about a couple things, reach out to your realtor, and see what the next step in your search for a new home is today!