It is especially important to only spend what is proportionate to your income and monthly costs.
The dilemma of choosing whether or not to rent or buy seems to plague so many young adults each year. While renting is often viewed as a pit of money being thrown away, buying is often seen as being a more permanent investment that many people just may not be ready for yet. If you are on the fence about your next move, consider these factors before you start your search.
Consider Your Financial Situation
If you have enough money saved for a down payment and closing costs, buying may be a reasonable option for you. However, it is especially important to only spend what is proportionate to your income and monthly costs. As you shop for houses in the future, consider what a realistic monthly payment would be for either option, as well as how much you plan to save, in order to gauge which move is best for you.
Consider Your Future Plans and Location
Whether you are looking for a temporary or permanent future location could be the main deciding factor for your next move. For temporary locations, such as for school or temporary jobs, renting may be a more suitable option as a short term solution. On the other hand, if you found a location that you know will work for your lifestyle in many years to come, buying may be a better investment for your future. If you are looking to remain in one location for the future, it is also a good idea to consider school zones and neighborhoods in your search.
Consider the Responsibilities of Buying vs. Renting a Home
As a tenant, you may not be responsible for many aspects of your home. If something in the home needs repairs or replacement, these concerns are typically addressed by the landlord. However if you are ready to be a homeowner, consider the many risks and responsibilities that are associated with owning property. Some examples of this may include land maintenance, weather related incidents such as flooding, or necessary repairs such as maintenance on your heating and air conditioning systems. As a homeowner, these concerns are solely your responsibility, both on paper and financially as well.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.