Whether you’ve finally found your new hometown or you’re ready to start a family, you have probably considered buying a house rather than finding yet another rental home. Owning property is part of the American dream, after all, but is it truly the best decision for you? It’s a big decision to make, and one that no one should take lightly. In today’s article, we’ll go over how to make an informed choice with four things you should consider before making the leap to home ownership.
Your Long-Term Plan
One of the first things you should ask yourself when considering buying a home is whether you’re ready and willing to live in the same place for several years. Buying a home is a commitment in many ways. You’re choosing a location and a mortgage payment that you’ll have to stick with for years into the future. In most places, you need to own a home for at least five years before you’ll be able to get a return on your investment by re-selling the property.
Ask yourself: are you in a stable job? A stable relationship? Rental homes offer the flexibility to move and reevaluate if your circumstances change. For example, you would have the ability to relocate within a few months to a year if you are hired for a new position in a different place. You also have the ability to downsize to a smaller space if your financial situation changes and it becomes a challenge to afford the monthly payments on your current home.
Depending on where you live, rent may be cheaper than a mortgage. However, it is not an investment. For some, paying rent is a waste of money when you could be building equity and paying off a property that you can claim for years into the future. On the other hand, buying a home not only requires a large down payment upfront, but it also includes the cost of maintenance and upkeep moving forward. As a homeowner, repairs will be your responsibility, whether you choose to pay for the materials and try to do it yourself or hire a expert. It’s important that you consider the big picture when weighing the costs of renting versus buying a home.
Your Time and Effort
One way you could lower the costs of homeownership is if you commit to doing as many repairs and maintenance tasks as you can by yourself. A DIY solution may be more budget-friendly, but it costs you in other ways. Ask yourself how much time and energy you have to spare. Some tasks, like mowing the lawn, may be simple, but others, like repairing leaking pipes or faulty plumbing, may require a level of expertise you simply don’t have.
If you’re not ready to tackle the responsibility of repairs and upkeep, then a rental home may be the best choice for now. You can depend on your landlord or property management company to maintain your home, and the costs are more likely than not already included in your rent. You can save money, time, and energy by choosing to delay homeownership for another year or two.
Your Dreams and Expectations
If you want the chance to design your own space, then it may be time to move on from renting real estate. You have limited options when renting — you can’t make changes without the owner’s approval, and you will eventually move out, leaving your hard work behind. Owning property gives you a chance to design the home of your dreams. You can leave behind short-term satisfaction and the dictation of someone else’s opinion.
About Middel Realty
If you are looking for a beautiful single-family rental home in Fort Collins, Colorado, Middel Realty is here to help. We have been in business since 1974, with a dedication to the satisfaction of our tenants every step of the way. If you are looking for a clean, well-maintained, allergen-free home in some of the most desirable locations in Fort Collins, contact us today!