Renting Vs Buying A Home

Dated: 11/02/2016

Views: 131

When contemplating a new home the question of whether renting or buying is better for you situation always comes up.  The choice between renting or buying a home is never a simple one.  There are many factors that go into making that decision.  It's not a decision that can be made just by looking at numbers on paper either.  You have to factor many different things in to that decision.  You don't want to be house poor and your primary residence isn't necessarily an investment.   There is nothing to state that one is better than the other.  Whether you rent or buy a home is your choice and is dictated by your life and needs.

Why are you moving? The why is always an important question that will affect the answer to many of your questions.  Is your family expanding? Are you relocating for work? Is another life change influencing the move?  The answer to these questions and more will guide your decision in the renting vs buying debate.

How long will you be staying the home?  If you're looking at something for just the next year or so almost everyone would agree that you should just rent.  If you're looking at being somewhere for the rest of your life most would say the smart decision is to purchase a home.  You never know what a landlord may decide to do so if you're planning to stay put owning your home is a good idea.

What can you afford?  Do you have a good amount in savings? Are you doing well to keep everything paid as is?  You don't want to jump into buying a home if you're not ready.  If you're paying your bills now but are only able to set little aside then waiting to buy a home and renting may be the best course of action.  When you are renting your home someone else is responsible for handling any unforeseen issues.  When you own your home you are responsible for handling all the issues.  If you've been saving for a while or just got that big promotion and can now easily set more aside then take a deeper look into buying a home instead of renting.  You may enjoy the freedom that comes with having your own space to do with as you please.

What do you want from your home?  Being a homeowner comes with plenty of responsibility, however, it also comes with the freedom of doing what you want.  Do you love pets?  Not all landlords will allow you to have one and the ones that do typically charge a premium and limit the amount, size, and kind of pet you can have.  Do you like refreshing your space every so often?  If you are renting then you will you need someone else's permission to change things around.  If you own your home and want purple walls on a whim, then you can do it.

Again, there is no magical right or wrong answer on which is better.  There are many tools out there that can assist you in making the decision of renting vs buying but again these are only tools that can assist, not make the decision for you.  Just because it looks feasible on paper doesn't make it easy.  You may find this calculation tool on Realtor to be of use.

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Skye Streppa

Skye Streppa is an Asheville native who holds a wealth of local knowledge and a depth of character found only in the mountains of North Carolina. His attentive advocacy to his client’s needs creat....

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