If you are thinking about buying a house, consider these questions. You may find that it’s not really the time to buy – or it could be that it makes perfect sense!
1. How long do you plan to live in the area?
If it’s less than 5 years, you may be better off renting.
2. How much does it cost to rent?
The advantage to renting is that you don’t have to make any repairs – just call the landlord. The disadvantage is that it’s not
your home so you can’t make changes or upgrades without permission from the owner. Many times owners are not willing
to make repairs until they are needed, so an upgrade may not be considered.
3. How much can you qualify to buy?
You may find that you can have a lower monthly payment and build equity in your home.
Even if the payment is a little more, the equity that you’re building, low interest rates and owning your home may be enough to make buying the best option.