Should you rent, or should you buy? Making a financial decision like this should be carefully considered, but what do you really need to think about if you’re planning on making a move? Nancy Mutchmore, a trusted advisor with Berkshire Hathaway HomeServices Indaina Realty says there are a number of factors to consider.
“It’s a big decision for a buyer to move from renting to home ownership,” Mutchmore said. “There are many benefits to home ownership including tax benefits and building equity in a home. The buyer can even make improvements in the home that could increase the value. Current interest rates are still low, so a monthly mortgage can often be much less than rent.
If you are leaning towards buying a home, there are a series of questions you should ask yourself before you even think to go house hunting. Mutchmore recommends knowing your budget and meeting with a lender to understand your finances. Mutchmore also says to start thinking about where you want to live and details about what kind of home you’re looking for.
If you are considering buying, Mutchmore recommends meeting with a trusted advisor. “Schedule a time to talk with your realtor and talk through your goals and timeline,” Mutchmore said.
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