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Blog: Buy or Rent? Must Ask Questions Before You Decide

Whether to buy or rent is more than a financial decision. Answer these must ask questions from local Realtor and Accredited Buyer Agent Marilyn Messenger...

Whether you should buy or rent a home depends on your wants, needs, priorities, and short and long term goals. Given the option, most people still prefer to own, especially these days when rents have gone up and mortgage rates have gone down. The decision is not only financial, but in fact, most people buy for quality of life reasons.

Here are some must ask questions to answer before you decide:

What are your short- and long-term plans?

What type of house do you want?

What community do you want to live in?

What is the upfront cost? Down payment that goes toward the purchase price vs. security deposit, first and last month rent, rental agent fee.

What is the actual after tax cost?

How often do you want to move? A landlord can decide to sell the property at the end of your lease term. Do you want to move after a year? What if you have children in school and there aren’t any rentals in that school district?

Do you have a pet(s)? Many landlords do not allow any pets.

How important is control over your living space?

Do you like to decorate? You can’t change a rental; and why would you want to spend money on someone else’s property?

How do you feel about paying your landlord’s mortgage/expenses, building some else’s wealth?

Ask a question in the comments section below or contact me directly.

 

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

Mr N October 30, 2012 at 11:50 AM
How much flexibility do you need? Leaving a rental is usually fairly easy. Leaving a house that you own can sometimes be very complicated
Thanks for your comment Don. Flexibility is certainly a factor; if short term goals are not clear or someone needs to be able to move quickly it certainly is easier to pay off a lease than a mortgage.
Brooklyn Lowery December 20, 2012 at 02:36 PM
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