Rent vs Buying: (final) Are You A Homeowner or Renter?
June 23, 2015
Now let’s determine if your living lifestyle is that of a homeowner or that of a renter!
First, stop and think about your current financial situation and if you may have any plans that can decrease or increase your monthly income. Do you plan on making any changes with your current employment and if so what are they? Are you thinking about going back to college or working towards receiving a promotion or raise? Are you planing on making a change in your job field?
Now think about your current living lifestyle. Are you always on the go albeit traveling for work or personal entertainment? Are you unsure of where you would like to live for the next several years? If the answers are yes then renting may be best for you.
Are you in love with the city that you currently live in and would like to build relationship within a certain community or school district for your children? Do you want to make your house into your home – your style and vision? If you answered yes then homeownership is perfect for you!
I knew even before I moved out of my parents home that I wanted to own my home. I looked at paying rent as throwing my money out of the window. When you pay rent that’s it. You have nothing to show for it. With renting you get nothing once you move out other than your security deposit. ( if you kept the place tidy). You are not building equity or establishing any financial growth in case you ever needed a source of income fast. But at the time that I moved out of my parents house and into my first apartment I did not have the income nor the credit to become a homeowner. Renting is typically a 12-month commitment which after fulfilled may turn into a monthly commitment. Renting gave me the flexibility to set to establish my credit and my finances to become a homeowner within a set time frame.
Renting offers an easy living lifestyle. That can allow you to spend time focused on travel, freedom, and less time having to worry about home repairs and maintenance.
With home ownership comes a longer-term commitment. It is wise to buy a home if you plan on living in it for at least seven years. This time will help you to build equity and grow your finances. There will be no more calling the landlord to make repairs or provide maintenance. You will be responsible for all of the repairs and maintenance; which can be timely and costly and can be challenging if you are rarely home.
If you desire to own your home; to live in a community, build financial growth, and customize your living lifestyle, then register today for Roc City Realty’s Home Buyer Readiness Workshop at https://roccityrealty.com/buying/buyers-seminar/ and allow us to guide you on a path of sustainable homeowners!
ROC City Realty “Your Real Estate Fashionista!”