If you are currently a renter with an expiring lease, it is likely you are considering your next home accommodation moves. Are you considering renewing your lease or maybe purchasing a house? It is no joke that these decisions quickly become overwhelming; there are a lot of different considerations, from finances to family. Here are some things to consider before making the decision one way or another!
First things first is the cost! Everything has a cost. If you renew your lease, you will be paying a monthly rent payment to live in that space. If you buy a home, you will pay a monthly mortgage payment to both live in the home and earn equity in the ownership of the home. Right now, the answer seems obvious, however, the cost is not as simple as swapping out rent or a mortgage payment.
If you choose to buy a home, there are additional costs to consider outside of just the mortgage payment. You must consider:
With both rent and mortgage costs rising currently, you must evaluate your finances to determine what is the right decision for you. As a start, our FREE downloadable home buyer guide could be of great benefit.
Contact us to discuss your homebuying scenario, and associated costs!
A lot of people overlook this factor, but it can be costly. When you are renting, you likely have someone you can call with anything that goes wrong in the unit. If your sink is leaking, you can call maintenance to fix it. When you buy a home, all repairs and maintenance are in your hands. Do you know how to maintain a home? Do you have the budget to pay for repairs as needed? If you want a homebuying maintenance guide, check it out here! We post maintenance checks seasonally to assure your home is under control, so make sure to subscribe to our blog to receive them!
Future of Household
- Outside of the cost of homebuying or renting, consider your household’s future. What we mean by this is, consider who will be living in the household in the near to long-term future. No estimation can be exact, but here are some questions to run through:
- Will you have a roommate or partner that will split payments with you? If so, how long will they be living with you? Maybe you can afford more.
- Are your children going to college soon? You may want less space in the near future which may make renting a better decision.
- What do you like doing? If you like hosting events outside, you may want a space with a larger backyard. If you enjoy amenities like a gym, you may want a rental unit that has that!
- Do you have a huge household? If so, it may be beneficial to own a home with a laundry room. If your rental unit does not have in-unit washers, that can be an inconvenience.
Review these questions to create a guideline of your future home needs. Then, decide if renting or owning meets most of those needs.
Ultimately, finances, maintenance, and the future of your household are the big three considerations in deciding your next home moves! But there are always a lot of factors. Working with a qualified professional will guide you through the home buying process with ease.
Contact The Chesapeake Team of Direct Mortgage Loans now to get started on your home buying future!