If you’re not sure whether to rent or buy your next home, then today’s message is for you.
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People always ask me whether they should rent or buy their next home.
Though this choice will vary depending on your circumstances, buying a home is generally the best route. After all, doing so has always been the American Dream.
However, there are several steps you’ll need to take before you can turn this dream into a reality. First and foremost, you’ll need to speak with a lender and get pre-approved. If you qualify for a loan, can afford your down payment, and are comfortable with the projected amount for your monthly payments, there’s no reason not to buy.
A home is a financial asset that should appreciate over time. With that in mind, home values aren’t the only thing that are on the rise. Rental rates in Austin are also expected to increase in the months and years ahead. Unlike appreciating home values, though, rising rates pose no benefit to your financial standing.
Whether you’re buying or renting, you’re paying for someone’s mortgage.
Whether you’re buying or renting, you’re paying for someone’s mortgage. Why not pay your own instead of your landlord’s?
Still, a home purchase is not a decision to be taken lightly. While homeownership does pose great financial benefits, it also presents a great financial responsibility. In addition to anticipated expenses like your utilities and mortgage payments, homeowners must also expect the unexpected. You should always have savings set aside in the event that a system or appliance breaks down and needs to be repaired, for example.
As you continue weighing your options, don’t hesitate to reach out. My team and I would be happy to discuss your circumstances in greater detail if you still aren’t sure whether you should rent or buy.
So if you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.