Here are a few critical areas to consider when making the choice between rent vs buy:
- Amount of time that you expect to live in the home
- Your future plans
- The cost of buying
- Calculating your costs
- Your ability to finance purchasing your home, including:
- Income
- Ratio of debt-to-income
- Assets
- Credit score
The choice to purchase a home is a key decision in life and you don’t want to take it lightly, however rising rental costs and lower interest rates on mortgages could offer more affordability on the home buying front. It’s important to take into consideration all of the pros and cons related to both owning and renting. Long-term home-ownership could be effective in building wealth, which could then be utilized for funding a college education or your retirement. It could be end up being a savvy financial move for you if affording your housing payments is comfortable for you and you feel that you are ready for committing to home-ownership. And if you decide that you are ready, give me a call so that I can help you to realize your dream of buying a home. I’m here to help you even if you haven’t made your decision yet and need help with some of the above calculations.
If you have questions or would like to explore the real difference in renting or owning give us a
call today. (949) 929-2270 |
Ron@RonEvansRealty.com