Are you the intriguing crossroads in your life of finding yourself wondering whether you should rent or buy a home? This can be an incredibly complex decision, but should not be one that makes you feel stuck. If you’re trying to weigh your options, let this handy guide help.
Do You Want to Stay in This Area?
One of the biggest factors in determining whether you should rent or buy is your long-term goals. Do you desire to stay in this area for many years, or is this just a temporary layover? Oftentimes it takes at least 3-5 years to actually turn a profit on selling your home. If you don’t stay in the area for at least that amount of time, you may actually end up losing money in the deal.
Can You Afford to Buy?
If you do want to stay in the area, it might be worth finding a realtor who can help you find homes Lake County IL that might be within your budget. If, in looking at the options available, you think you can afford the down payment and monthly mortgage, it may be in your best interest to buy. After all, if you are paying a mortgage, your money is going into your equity of the home, whereas paying rent just goes straight to the landlord.
What Responsibilities Can You Handle?
Owning a home entails much more than just paying a mortgage and down payment. You’ll also usually be wholly responsible for maintenance for everything ranging from the yard to the roof and appliances. If none of that sounds appealing, maybe you should just rent your home. As a renter, any time most things break you can simply call your landlord to have them take care of it.
If you’re struggling with the decision of whether to rent or buy a home, don’t forget to consider whether you want to stay in the area, how much you can afford, and what responsibilities you’re okay with having.