Four Questions to Ask Before Buying a House
When it comes time to move out and find your own place of residence, the common question becomes, should you purchase or should you rent? There is no single yes or no answer to this question. The decision to purchase or rent depends on many factors. Consider each of these questions before moving into your first rental or home purchase.
Where are you at in your life?
Are you just moving out of your parents and beginning to navigate adulthood? This may not be the best time to purchase a home. It can be much harder to change your life after purchasing a house. Instead of simply moving out and breaking your rent, you must sell your house. If the market is low, you could be forced to turn down jobs, across state relationships, or travel opportunities. Avoid houses for sale unless you intend to stay in the same location, for many years.
It can also be helpful to consider relationships. If you are newly dating someone, it also might not be the best time to go looking at houses for sale. Purchasing a home with another person is a big deal. It is one of the biggest steps of commitment. If you and your partner beak up in a couple of months, you will still have the shared home and could be forced to remain in touch. It is best to avoid purchasing houses for sale unless you are already married or in a long term, committed relationship.
What are your career goals?
Where do you see your career going? Are you happy staying with the same company for many years? Do you plan on going back to school? Are you currently in school? These factors are extremely important when it comes to deciding between buying and renting. College students are often unaware of their career futures. Buying a house during this life stage can be a huge mistake. However, if you are already established in a career, at a place that you enjoy, you might find that looking at houses for sale is worth it.
Will you raise children where you are?
Children are also a huge decision. Even if having children is not in your near future, you want to consider the possibility before purchasing. If your dream is to have a large family with many children, you might not want to purchase one of those small condos for sale in the expensive part of town. You will also find other buying characteristics to be more important, such as school districts. The value of a home can be affected as much as 20% based on the quality of the school district. Additionally, you will want your children to attend a good school, so looking at homes for sale nearby a highly rated school district is important.
Are you prepared for home maintenance?
Although owning a home has many advantages, it also requires that you maintain it yourself. When you rent, the property owner is responsible for all repairs and maintenance. It is almost 38% cheaper to buy a home than rent in the top 100 cities in the United States, according to 2016 data. However, if you are not capable of maintaining your own home and property, these cost savings may not be worth it. But, don?t let your lack of handyman skills prevent you from owning your own property. If all of the other benefits of home ownership make sense, consider asking your realtor to show you homes with included maintenance. This is common in condos or homeowners associations.
Home buying is currently on an increasing trend. Real estate related Google searches increased 253% from 2009 to 2013. However, this increase in home sales does not mean that buying is for everyone. It is important to consider your current living situation, your desired career goals, and your ability to properly maintain a home. Carefully evaluating these questions will help you make the most informed decision as to whether it is best to rent or purchase.
