Whether you’re buying a home or renting a residential property, you will encounter certain challenges and potential problems along the way. That’s why it’s best to determine first what you really need in your life right now: a rental property you can leave after a year or two or a house you will have for decades. Here are some of the most important questions you need to ask yourself to know whether renting or buying a home is the right option for you.
What Can I Afford?
Naturally, buying your own home will cost more compared to renting. Aside from the monthly mortgage payment, you also need to take into account the interest rate, down payment, maintenance needs and other costs that come with owning a house. Renting a property is less costly because you don’t have to think of those extra costs over time. However, the downside is that your money isn’t going anywhere.
What Are My Future Plans?
Thinking where you want to be in life after two, five or 10 years will help you choose between buying and renting. If you have a stable job you want to keep for a long time, a family to start soon and a substantial income, then buying makes sense. If you’re still trying to figure out where you want to settle down, get a job and start a family, then renting is the right choice until you decide.
How Much Responsibility Do I Want?
Obviously, buying a home in Wellington Point gives you more duties compared to renting one. You will be responsible for your home’s upkeep, design, repair and maintenance needs. On the other hand, renters only need to look at different houses for rent in the suburbs. After that, the landlord will take care of (almost) everything.
Ask these questions and be truthful about your answers to be sure about your decision.