It’s been a long, long debate: Should you rent or buy your home?
To help make this decision, consider these five questions.
Is it expensive for you to rent in your community?
If you’ve noticed that rents are rising lately, you aren’t alone. The Associated Press reported in the spring of 2014 that nationwide apartment rents averaged 6% annual increases from 2000 to 2012. And in some markets, such as downtown areas of major cities, rents have soared even higher. If the rents in your preferred neighborhood keep rising, it might be time for you to buy a home, take out a new mortgage loan, and lock in monthly payments that won’t rise each year.
Do you want to establish new roots?
Have you found the perfect neighborhood for you and your family? Do you plan to live there for seven years or more? If so, buying a home may make sense for you. Renting is a good choice if you expect to have to move soon. But what if you don’t have to move in the near future? Buying a house gives you the chance to become part of a community — and build equity from loan payoff and rising home values.
Are you ready to start or grow your family?
If you’re ready to add children to your family or take back an elder relative, a larger home makes perfect sense. You might also want to get a large backyard. You might find that living in an apartment may feel a little too cramped for your growing family and their needs.
Are you a creative person?
This might seem like an odd question to ask. But think about it, when you’re renting an apartment, you’re often restricted to decorate the way that you might like. But if you own your home, you can paint your walls almost any color of the rainbow. You could even turn your kid’s bedroom into a kind of jungle fort. And if you wanted to, you could even paint your fireplace mantel pink.
Are you in need of another income stream?
If you buy the right kind of home, with a separate live-in unit, you can rent out some additional space to generate extra income for yourself. This extra rental income might come in handy if you’re looking to save for a long-term expense, or even to give your own retirement fund a boost.
So if you’ve answered “yes” to some or even all of these questions, it’s probably time to buy a home. The Hagre Group has the knowledge, experience and dedication to help you find the home of your dreams. Contact us today to learn more about the home buying process.