Should You Buy a House Now, Or Rent?
As a Real Estate agent since 2011, I am often asked this question. Should I continue to rent or should I buy? While the question seem easy enough, the answer is anything but. Why? because there are many things to take into consideration beyond the financial aspect. The answer to this question will never be a one size fits all. For example, how is your current life situation? Are you married, single, divorce? Do you have kids? How old are they? Does buying a home fits into your current career and family goals? What are your current family and career goals?
Do you have an unstable job situation? How is your credit? Will you qualify for a mortgage? Do you have money to cover closing cost? Market volatility is a given, will you be Ok with that? What about school, are you thinking of going back? Do you plan on moving soon after buying your new home?
Do you like it here in Houston, or are you thinking of relocating? Will you be able to handle the addition financial responsibility that comes with owning a house? If you are leaning toward buying, how long do you plan on staying in the home? Do you have an idea where you want to be, as in neighborhood? Can you afford to buy a house in your desired neighborhood?
Building equity is one pro of buying a home. So is building credit. There is also the tax benefits, and you get to decorate and upgrade your home the way you want. While you will not have any landlord, you will most likely have an HOA if you buy into a deed restricted community.
However, if you plan on moving within a year or two, buying a house may not be the best decision when you consider the amount of money you will need to come up with to close the transaction. If you have the resources, it should not be an issue, however, if you do not, you may realize that buying a home is not the right decision at the moment.
When you have taken the essential into consideration, buying a home may simply comes down to “just not right now”. It does not mean you will not buy a house, it may simply mean, you will not buy a house right now. As long as you take everything into consideration that you need to, you should move forward knowing that you will make the right decision. As always, thank you for stopping by. Until next time…Diana
