Renting vs. Buying: How to Know if you’re Really Ready

Posted by Rebecca Prince on August 15, 2016

Renting vs. Buying BlogBuying a home is a big decision – it’s likely one of the biggest purchases you’ll ever make!  So, how do you know if you’re really ready?  Here are a few questions to help you determine if home ownership is right for you!

Are your finances in good shape?

You’ve probably heard it said that owning a home is better investment than renting.  And while that may be true, it’s important to be honest with yourself.  What do your finances look like?  Do you have other debt?  Are you already struggling to pay bills?  If so, you’ll want to wait a little longer.

Are you ready for the added responsibilities?

Right now, your landlord is probably paying many of the costs associated with your rental.  As a home owner, you’ll be responsible for:

  • Monthly mortgage payment
  • Property taxes
  • Flood, windstorm, and other types of insurance
  • Repairs
  • Water, electricity, trash
  • Lawn care and outdoor maintenance
  • Pest control

Is owning a home a good fit for your lifestyle?

Do you travel for long periods of time?  Is your paycheck stable?  Are you planning to start a family?  What are housing prices like in your community?  Do you plan to stay in the area for a while? Renting can offer greater flexibility.  However, if you’re ready to put down roots, owning a home offers many benefits.

Ultimately, there’s no single correct answer when it comes to renting vs. buying.  Evaluate your finances, savings, responsibilities, and life style – it’s about what’s right for you!

Topics: Home