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Should I Buy or Rent My Next Home?

Should I Buy or Rent My Next Home?

Buying and renting a home each have different upsides and downsides to consider before you choose to sign paperwork for either option. There are a few vital considerations when determining what will be best for your next move. Here’s what you need to think about: 

Financial Readiness

Financing a Home

Mortgages typically require a sizeable down payment, along with a stable income for monthly payments and a suitable starting credit score to even be approved. Additional homeowner charges include:

  • Utilities
  • Insurance
  • Maintenance
  • Repairs
  • HOA fees

Financing a Rental

Renting, on the other hand, poses a lesser financial challenge and commitment. A typical rental will require a down payment of first & last month, and sometimes an added security deposit that is refundable upon moveout. You will then pay monthly rent and whatever utilities are not included in this particular rental (cable, etc.)

The Real Estate Market

Rent typically varies depending on the type of neighborhood and specific amenities available in the units available. Homeowners, on the other hand, remain at the mercy of what can be an unpredictable real estate market. Market trends are a general indicator of whether to rent or wait a few months or even years to buy. You should aim to buy when prices are low, and sell when prices are high.

Your Residential History

Many people forget that if you quickly get bored with a location and subsequently change addresses, you should probably stick to rental property. Only purchase a home when you feel genuinely ready to settle for no less than five years. Consider the distance to essential amenities such as schools, hospitals, markets, and parks as well as your commute to work before choosing where you will plant your roots.

Location

You should decide the area you would like to live in before you go house hunting. Do you prefer rural or urban? Would you like to be close to family? You will also want to consider your work commute and keep it reasonable for yourself. Families will want to consider the quality of nearby school systems. 

The Moving Process for Rented or Purchased Homes

In terms of moving, the rented house or apartment generally involves fewer processes compared to a purchased home. Professional moving companies play a vital role in ensuring that your relocation goes seamlessly. For rented property, after viewing and paying for a house, it’s a pretty straightforward process. 

Purchased homes, however, pose a different challenge. After landing your prized listing, there is a funding and recording phase, which may last days, and at times, weeks. It is, therefore, vital to properly understand the process well before terminating your existing lease, an action that may leave one needing an alternative location for residence before the process is complete. 

Professional movers ease the change of address, whether you’re relocating to a new rental apartment or a home you just bought. Keep the excitement in your move instead of stress and hire a qualified professional moving team like All Day Moving

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