Rent vs Own: Pros and Cons

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Rent vs own
Most people planning to move out of their house has this question in mind. Is it better to rent or just buy a new home? Well, you have to answer these questions first for you to determine which is better.

1. Are you able to get a mortgage?

Just like what we have mentioned on our previous blog regarding Best Tips in Home-buying According to Experts, it is better for you to get pre-approved. This will definitely give you an idea regarding your credit capacity.

2. Do you plan on staying put for a while?

Knowing how long you’re planning to stay in the location should also be considered. Remember that buying a home is a long termĀ investment. So if you’re only planning to stay in the area for a short period of time, renting will be the best choice.

3. Is your Job Security Strong?

When deciding to continue renting or buying a home, take also into consideration your job security. One of the biggest reasons why some houses go on foreclosure or short sale is because of this devastating hardship.

4. Is Your Family Status Going to Change?

Are you planning to get married? Or expecting a kid soon? The answer to these questions can create financial stress.

5. Do you want the responsibilities of owning a home?

Being a home owner means that you’ll get more responsibilities in your plate. Maintenance such as Snow Removal and Lawn maintenance is an addition. Homeowners Association fee and others fees will be an extra stress in your pocket.

Infographic - home shopping vs rent

Bottom of the Line

Bottom of the line is, whether you purchase a home or just rent a new place. It is better for you to weight everything out. Even small details should be taken into consideration.