Are you wondering if you should buy a home or keep renting? With the real estate market’s current boom many of us are thinking about that. To help you decide we have a list of 7 questions you can ask yourself courtesy of Realtor.com.
You will need to figure out your finances. How much can you afford as a down payment? You will also have to see if you qualify for a loan and the loan amount you can get. If you are able to buy a house with cash, then this is not a concern for you.
If the down payment and the mortgage loan are sorted, then you need to figure out if you can afford the closing costs. According to Realtor.com closing costs can include appraisal costs, inspections, legal fees, taxes and much more. This usually amounts to about 3% of the purchase price and is not part of the down payment.
Next you need to look at the costs of living in the neighborhood of your choice. Not every location is the same, depending on the area insurance and property taxes could vary significantly. Figure out your preferred neighborhoods and get an estimate for these costs.
Before you buy you need to figure out how long you plan to stay in the home. If you stay in a home for less than 2 years, you are likely to lose money because you have not built enough equity in the home to make up for the costs you incurred at the time of purchase. If you do not plan to stay in a home for at least 2 to 3 years, then you are better off renting. You can continue to save money for when you are ready to buy a home for long-term use.
Are you excited by the idea of renovating your home and changing colors and bathroom designs? If you want the freedom to do these things, then buying is the right choice for you. As a renter you will have a hard time trying to make any changes to the design of your home.
Next thing you should consider is if you are ok with home maintenance. As a renter, you don’t have to worry about it since the landlord is responsible for maintenance and upkeep, however, as an owner it will be up to you. If you are someone who enjoys working around the house or doing yard work, then this will not be a big concern for you. If you are able to hire help then this will not be a concern for you.
Finally, right now, the Amin Vali Real Estate Investment aims to be a facilitator for your best interests and what makes you happy.