C.J. Braden • 2 Minute Read
Should You Rent or Buy Your Home?
When you are thinking of moving, one of the biggest things you need to consider is whether you should buy or rent your property. There are some big differences between the two options, so you must learn what process, costs, and responsibilities are involved. Buying or renting a home is a huge financial commitment, so you should make sure you know what you are getting yourself into.
Here are some top questions to help you decide whether you should rent or buy your next property.
#1- What is your financial situation?
You can paint a mural in a home you own
Your financial situation is going to play a huge role in whether you choose to buy or rent your home. Renting a property will cost you a lot less money to get started with, as you will only need to pay for a security deposit, estate agent fees, and one to three months of rent upfront. However, you may find that the monthly rent is higher than a mortgage.
If you choose to buy a home, you will need to have a large sum of money ready at the beginning of the process, to pay for the deposit. This is typically no less than 10% of the value of the property. You will also need to pay for taxes, estate agent fees, and legal fees. However, you may find that the monthly payment is lower than renting, and you are investing that money into your property. After the term of the mortgage, you will own the property.
If you are loving this article, we know you’ll love this one too: How to Create a Coastal Entryway
Renting or buying a home can be a tough decision
In both situations, you will need to be able to afford the utility bills and other monthly finances. You must have the funds available when you make your decision. If you don’t, you may choose to wait to make your decision so you can save accordingly.
#2- What are your future goals?
Purchasing a home can be a great investment
Your future goals will have an impact on your decision. While you browse nice houses and apartments, it is important to consider what you want your future to look like. If you have big career goals that involve your salary changing or the need to move to a different location, it might be a good idea to hold off on buying a house.
Renting a home can provide less responsibility
When you buy a house, you will have to put your money into one location, and it can take a long time to put the house on the market to sell and move. If you are renting a house, you have the flexibility of a short-term lease and can move whenever you want.
Whether you buy or rent your home, you’ll need to get it organized. Here’s one of our favorite organizational ideas from our Pinterest @carolynjbraden:
If you are looking to settle down and start a family, then buying a property might be the best move for you. Consider what you want out of life and what your future goals are, to help you make your decision.
#3 How much responsibility do you want?
Owning a home helps you invest your money
When you own a property, you have full responsibility for everything, for example, if something breaks or leaks, you have to fix it. If you rent a property, you don’t have to worry about problems as the responsibility falls on your landlord. However, you won’t have the flexibility and will have to wait for them to resolve.
Buying and renting a property are both good choices, but come with different financial and personal responsibilities that you need to consider when making your decision.
C.J. (Carolyn) Braden is a regular contributor and editor for Carolyn’s Blooming Creations. She has been featured in numerous media publications such as InStyle Magazine, on HGTV, on Bustle.com, and more. She is the author of the books Georgia McMasters in Amethyst Lake Cemetery, How To Be Yourself: 3 Ways To Help You Being You, and the illustrator for the children’s book Bridging Connections. She is a former classroom teacher that now dedicates her life to educating others on how to live their most healthy, creative and happy life. Learn more about her visiting our About Us page.This is a collaborative post and may contain affiliate links. All opinions and ideas expressed in this post, however, are based on my personal point of view.