Are you a renter or a buyer? The answer depends on where you are right now in your life. Can you afford the mortgage if you’re buying the house? Do you want to stay in your current neighborhood? What about your work and the prospect of raising a family? There are so many questions that run through our minds before we make the ultimate decision of renting or buying.
What Can You Afford?
It doesn’t matter if today in Eagle Mountain homes that you can buy are far less than the median price of homes in the United States. It doesn’t matter if it’s cheap all over America. The question that you should ask yourself is this: can I afford the mortgage? Most mortgages will run between $1,000 and $2,000 for an average-sized home in a small city or town. Do you have an extra $1,000 to spare every month for a mortgage? If you don’t, then no matter what the price is, this is not the best time for you to buy.
How Long Do You Plan to Stay Here?
So often the reason people can’t commit to rent or buy is that they aren’t sure yet if they even want to stay in the city. That is a huge consideration that has to be thought over probably a million times. Buying a house means paying for a mortgage for 15 to 25 years. Sometimes, it’s even more. If you aren’t sure that you want to stay in the same city for the next two decades of your life, then what’s the point of buying a house there?
Do You Want Stability or Flexibility?
Where are you in your life now? Are you still pursuing a career? Are you building a new family? If your work and family life is stable, it might be more practical for you to buy a house and stay put. If you want more flexibility (meaning you plan to move to a new city or a new job in the next couple of years), then you can choose to rent for now. Buying a house is for people who want stability more than the idea of moving around.
Are You Responsible When It Comes to Maintaining the House?
Owning a house is more than just living in it. It’s a lot of responsibilities. You have to maintain it. You have to repair or replace what’s broken. This means dealing with contractors, handymen, plumbers, and electricians. More than maintaining the house, can you afford the general upkeep of having a property? With an apartment, you need not worry about these things. You just have to call the landlord, and they will fix things for you.
What Are Your Goals?
Your goals pertain to family, finances, and career. Again, if you plan to change careers in the next couple of years, buying a house isn’t for you (unless you plan to rent it out or stay here in the future). If you are a few months from being a mother or father, this might be the perfect time to buy a house. You’re starting a new life. You’d want this life to be more stable than what you’ve been doing in the past years.
When it comes to buying a house, the price might even be the last component of your decision. The real question is whether you’re ready to be a homeowner because it isn’t easy being one. These five questions should give you an idea of what you need right now.
