RENTING VS BUYING
Maybe your lease is about to expire, your getting ready to move, or your simply ready to buy a home. The benefits and advantages of renting or buying tend to cross our minds when examining these options. Here are a couple of tips to consider.
Buying : offers freedom from rising rents, a mortgage interest tax deduction and the possibility of building equity (value) in a home over time.
Renting: offers flexibility and no home maintenance or repair costs, property taxes or obligations.
Which is best for me? Factors to consider:
- Are you relocating?
- How long to plan to stay?
- Career and Income Stability
Relocation. Are you getting ready to move or will be moving within in the near future, then you may want to keep renting. When I first moved to Virginia, I wanted to rent for at least a year to get a feel for the area, neighborhoods, and have time to weigh out my options.
Duration. How long will you live in your current city? Will you be transferred out soon? If you plan to stay for the next 5-7 years purchasing may be a good option to consider.
Career and Income Stability. Are you in between jobs? Is your current job just a temporary position? Are you unhappy with your current job and seeking other positions? If so, renting might be the best option as it won't hold you back if you do decide to switch jobs or even careers. If you have a stable career now might be the time to move forward to buying a home.
All in all, this decision can only be made by you. If you think buying is the best option for you or are uncertain get in touch with a local mortgage broker in your area. He or she will be able to sit down and review all options with you to purchase a home. They will steer you in the right direction–guiding you on actions to take in preparing your fiances for where they need to be. And never ever disqualify yourself from believing you could afford a home. We are our biggest critics, don't automatically disqualify yourself just because you think you have too much debt, student loans or etc allow a mortgage lender to direct you in the right way.
In all things, remember to lift up all things to the Lord in prayer, rest assuredly knowing that He has planned and works out all things for the good of those who love him. Romans 8:28
If you live in the Northern Virginia area and would like for me to help you get in touch with a trustworthy mortgage broker feel free to email me, I would be more than happy to help you.
resources used for this post Tribune Content Agency, NY Times , and BOA.