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Ask the Expert: What’s Better Renting or Buying?

To buy or not to buy, that is the question.

Isn’t that how that phrase goes?

Determining the answer to that universal question can take a lot of thought and reflection on your part. Unfortunately there really isn’t a one size fits all answer. It’s a personal decision and what’s right for other people may not be what’s right for you. Below we’ve posted some questions you should ask yourself if you’re trying to decide whether renting or buying is right for your family. We hope that these questions help you decide whether it’s time to buy a new home or stick with renting the home you’re currently in.

How Long Do I Want to Live in This Region?

The length of time you want to stay in an area is a major component in determining which option is right for you.

Will you be living in this area for at least the next five years?

If the answer is yes, then buying a home might be a safe option for you. Buying a home obviously means that you are going to locked in to a particular location.

If the answer is no, then maybe a rental is your best option. With a rental, you have many options for leasing, like month to month. Agreements like these allow you to be more flexible in your living arrangements without any penalties when you want to move out of the area.

Before you buy, think long and hard about the area you are in and if you can realistically see yourself there for at least five years.

What School District Do You Want Your Children to Attend?

I know we’ve talked about this before, but school districts are an important asset to your home value.

Is the neighborhood you’re currently in where you want your children to go to school?

If the answer is yes, then buying a home nearby might be a great option for you. Buying a home in the area you love will ensure that your children can attend the school of your choice.

If the answer is no, then you should begin looking for homes in the district you want. To look at a district chart of Byron Center, check out this blog post.

Before you buy, consider the schools you want your children to grow up in and look for homes in the surrounding areas.

What is the price difference between renting and owning?

Your finances are perhaps the biggest indicator of whether buying is a feasible option for you.

Can I afford all of the expenses that come with owning a home?

At this point, you should go ahead and calculate how much owning a home will actually cost you. If you aren’t sure of the expenses, we wrote an in-depth post about calculating your expenses here. Go ahead and check it out for more information.

Can I grow into my house?

When you’re debating between buying and renting a home, it’s important that you sit down and come up with a five year forecast. You want to be able to grow into the home you are living in. Your home is not just a temporary fix for now, but it is also a an investment into your family’s future.

Is our home a place that our family can happily transition in over the next five years?

Here are some questions to consider when determining if your home is a wise investment for your future.

  • How many children do you we have now and how many do you wish to have in the near future?
  • Are we okay with sharing bedrooms?
  • Do we have enough storage space in our home?
  • Do we feel cramped in our rental home?
  • Do we need an office in our home for working?

If you’re trying to decide whether renting or buying a better decision for your family we highly encourage you to sit down with your spouse and consider these questions. And, if buying a home is a better option for your, send us an email today. We’ll get your family on the right path to finding your dream home in no time at all!

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