There’s no need to think that renting a home is a waste of time or money. Jumping into purchasing a home isn’t always the best thing to do. Younger groups and first-time homeowners may all feel that we need a house of our own before you turn 30. As great as that may sound, there’s a lot that goes into actually owning a home that you may not realize, or have experienced just yet.
Instead of Rushing into Homeownership, Learn!
First, aside from your parent’s house, have you lived in your own home before? You might be ready to upgrade from your apartment, but apartments are part of the easy life. Indeed you have your own space, but if something breaks, then it’s just a phone call away to fix it. When you live in a home that you now own, you’re on your own. From that leaky sink to the yard maintenance that you dreaded doing when you lived with your parents. Also, depending on the size, it no longer takes an afternoon to clean the place up.
There’s also the financial side of things. Sure, you already pay rent and probably have renters insurance at your current apartment, but have you thought about everything involved when owning a house? You’re now looking at mortgage interest payments, homeowner’s insurance, property taxes, all utilities, mortgage insurance, maintenance & repairs, and all the disaster insurance you may need depending on where you live.
So Why Buy?
The main thing is to buy when you’re ready. Renting is a great time to figure out what you like and don’t like. Look at the neighborhood, the amount of space you have, what works, and what doesn’t. Too many new homeowners outgrow their home within their first couple of years. Remember, you’re signing away 20-30 years of payments when you buy your home. When you do, it should be the home that you’re comfortable with and somewhere settle in.
Buying can act as an excellent investment, especially if you plan on renting it out to cover some of the costs, or to keep you financially stable. Renting might feel like you’re going nowhere with your payments each month, but this depends on your lifestyle. You might not plan to stay in the city you’re in, or maybe you’re starting a family and need something permanent.
Understanding Renting Vs. Buying
The Lozano Real Estate Group is here to help you find out what’s best for you. Homeownership is a big, life-changing decision. Rent until you understand what all goes into a home and know that you’re capable of the upkeep and able financially to do so. Renting is a significant first step to owning a home. Contact us today so we can help you start your next step.