One of the biggest decisions that anyone can make in their life is to purchase a home. Some homebuyers may wonder if their decision to purchase a home is the right decision for them since the average person changes their mind regarding their decision every five to seven years.
While taking this information into consideration, many people do wonder if purchasing a home is the best option for them. However, there are many advantages to purchasing a home. Yet there are disadvantages, which means renting may be the better option for them.
The best way to know whether buying or renting is the better situation; the individual must look at their situation in order to make the right decision.
Should I Buy Or Rent?
There are two factors to consider in this equation: How much the homeowner expects the home to appreciate and how long the homeowner plans to stay. A homebuyer usually needs to stay in the home for at least three years to make up for the costs.
Staying for five years is a more preferable timeframe. However, the homeowner may need to stay longer to be ahead compared to renting, which depends on the part of the country one resides.
Affordability must be taken into consideration when deciding to buy or rent, despite the plans of a person to stay in a home for a long time. Many financial experts suggest that buyers keep their monthly residential payments at 33% or below their gross monthly income.
Estee Soto, Realtor
Premier Elite Realty