There are now more reasons than ever to buy a home. If you’ve rented for years, but really want to own property, now’s the time to take notice of the real estate trends going on around you.
Rent is only going up. In times of economic difficulty, this is hard for many people. Still, the decision to buy is a major one, especially for those who are uncertain about their job future or even worse, those who are unemployed and looking for work.
Even though property prices and interest rates have reached record lows, renting may still make more sense for some people from an economic stand point. This is particularly true for the short-term, which is usually five years or less. When deciding whether or not you should rent or buy in this current market, consider the following information.
If you strongly feel you may have to relocate, or if the possibility even exists, renting might be the best option. This is because it’s becoming more and more difficult to sell a home quickly. The inability to sell a home in a hurry when the need arises can mean real economic trouble.
A credit score of less than 620 will make it much more costly to purchase a home. This would, again, make renting a better option. It also allows the renter time to build up the credit score so purchasing will be much easier.
Home maintenance and repairs are quite costly. In the current economy, many people are finding it difficult to afford such repairs. Failing to make necessary repairs will make it very difficult to sell a home when the time comes to do so. On the other hand, those who have the money for these types of expenses may be able to afford them. Buying a home that doesn’t require a lot of work is a great idea and just may be a viable option in this buyer’s market.
When you rent, you are not responsible for taking care of maintenance issues. If you choose to live in an apartment or other type of property with on-site management, maintenance issues may not be a big deal. If, however, your landlord does not live nearby, they could become a problem. It’s definitely worth considering when renting any property, and may be of relevant concern to you if you are weighing all your options.