A bit of financial freedom gives you options when it comes to housing. Regardless of where you were before, there’s now a decision to make. Should you rent a home or take the plunge and become a homeowner? Not only will this decision determine where you can live, but it could also set the tone for all the future finances. There’s a lot to consider, so start by asking yourself these three questions.
3 Questions to Ask to Determine if You Should Buy or Rent a Home
1. What’s Your Main Financial Goal?
For some people, their biggest priority is paying off credit card debt or finding freedom from student loans. Buying a home will mean you’ll need to scale back on those efforts. You’ll need to channel as much money as you can into making a down payment, and other forms of debt will likely take a back burner.
2. Will You Qualify for a Good Mortgage Rate?
Before you even look at homes for sale, your first step is to talk to the bank. The best mortgage rates are given to people with good credit scores and a decent income. If your credit score is less than ideal, you’ll likely be offered a high-interest rate. If that’s the case, it might be in your best interest to rent a home while working to improve your credit score.
3. Are You Ready for the Responsibility of Owning a Home?
When you rent a home, a property management team is there to take care of everything from maintenance to repairs. When the sink starts leaking or the refrigerator breaks down, you call your property manager and they fix it. When you own a home, those tasks are all on you. You’re responsible for all the property upkeep, utility bills, and everything else associated with being a homeowner.
Residents in Burns, OR, have been turning to Jett Blackburn Real Estate since 1960. Their team of experienced agents lives and works in the same town as you, and they genuinely care about helping you make the right decision. Whether you want to rent a home or buy one, call them at (541) 573-7206. You’ll also learn more about them on their website.