Many people want to buy a home, but they do not know if they are better off renting. Others feel that it is always better to buy a home. The truth is that it depends on your unique situation. Some people might find that buying in Grand Junction, CO right now is a great idea, while others might find that renting for a few more years is a better idea. When you are deciding whether you should buy or rent, you will want to ask a couple of questions, which can help you make a decision.
How Long Do You Plan to Live There?
If you are thinking about buying a home, make sure that you will be living there for at least four or five years. If you will be moving sooner than that, continuing to rent might be a better idea. This way, you would not have to go through the hassle of selling the home in just a couple of years.
Can You Afford a Mortgage?
You also need to make sure you can afford the cost of the mortgage. Many people got into financial trouble just a few years ago and faced foreclosure because they did not know exactly what they were buying into and how much the mortgage would ultimately cost them. Only buy a home if you can afford the mortgage, taxes, maintenance and repair fees, and all of the other costs of the property.
What’s Your Credit?
Those who are thinking about buying rather than renting will also need to make sure that they have good credit. The only way to buy a property today is to have a high credit score.
Look at the pros and cons of buying versus renting to make sure you are making the right decision. Talk with a financial expert if you aren’t quite sure if you can afford to buy a property.
Resource: http://www.bankrate.com/finance/mortgages/should-you-rent-or-buy-a-house-1.aspx
