How to Choose Between Renting or Buying a Home

Figuring out where to live is one of the most important decisions a person can make. Have you considered which will benefit your lifestyle? Here are some important things to think about before signing a lease or submitting a purchase offer.

Consider Your Lifestyle

How you live your life is an important factor in the decision between renting versus buying. Ask yourself the important questions. Do you have children or plan on having them? Will you be moving soon or are you putting down roots for the long term? Are you ready for the upkeep that comes with owning property? Be honest with yourself and make a list of the things that are important to you. You may find that one option jumps out at you as being the obvious choice.

Run the Numbers

Being aware of your financial situation is key when choosing a place to live. Each option has its downsides and its benefits. If you want an investment, a purchase may be the best choice for you. If you aren’t able to pay a monthly mortgage, which is often more expensive than a rental payment, renting a Steven Taylor Los Angeles apartment may be more beneficial. Look at your monthly budget and be realistic about what you can afford.

Think About the Long Term

Ask yourself where you want to be in the months and years ahead. If you want to settle down and stay in one place, purchasing a home can be a great choice. If you plan on traveling or moving, renting a Steven Taylor LA apartment can give you the freedom to live your best life. Remember that one of the best practices of home buying is staying in your house for at least five years so that you can recoup your initial investment. This also allows your home to appreciate in value. Knowing whether or not you want to stay in one place for five years should factor into your decision.

Look at the Location

Consider the area where you live and do some research on real estate trends near you. If there isn’t much appreciation in homes, it may be the best decision for you to rent. Conversely, you may find that purchasing is the best investment in your town or city.

Don’t be intimidated by choosing between renting and buying. Take some time to consider your lifestyle, financial situation, five-year plan and location, and you’ll be in good shape to make the right decision.