Renting isn’t the worst setup since you don’t have to worry about maintenance, replacing roofs, or paying taxes on the property: but renting an apartment is completely different from renting or owning a home.
If you’re sick of apartment living and are trying to figure out the next step, here are some things to consider.
Can You Afford To Buy A Home?
One of the first questions someone will ask themselves when they’re tired of apartments is ‘Should I rent or buy a house?’. Of course, no answer will fit everyone, but some things to consider will make this decision easier for you.
Although the monthly payments for a house and rent for a home may be similar, far more expenses go into homeownership. It’s expensive, from the cost of replacing and repairing any items that need it to paying taxes on the property, HOA fees, and home insurance. Although you’ll still have to pay rental insurance on the home if you’re renting it, that price comes nowhere close to these other fees.
What’s Your Credit Score Like?
Although you can get away with renting with a credit score below 650: it’s far harder to buy a home with a score at that limit. Unfortunately, if your credit score isn’t great, you may have to pay higher interest, leading to higher monthly bills. If you’re renting, you don’t have to worry about the price of rent going up because your credit score is lower, and it gives you time to build your score. You can find a mortgage broker in Cincinnati to help.
What’s Your Budget Like?
What’s your current budget? Do you currently have money saved up and a steady income? If you’ve worked with your employer for at least five years and have a good enough income, you shouldn’t have any trouble buying a home.
Unfortunately, if your budget isn’t very much and you don’t have any savings, buying a house probably isn’t for you quite yet. Renting can tide you over until you’ve sealed the deal on a better income.
Will You Be Able To Handle Maintenance?
Maintaining a property is expensive and intensive work. Not only does a homeowner have to pay to replace their roof and siding when they need it, but they also have to handle yard work, keeping the place within HOA guidelines, and any surprise bills that come up.
As a renter, if you’re renting a home, the chances are that you’ll have to handle lawn care: but that’s it. Many landlords even have an option where you can pay more per month for them to cover lawn care as well. This makes it easier for anyone who doesn’t have a lawnmower and wants to buy one quite yet.
How Much Space Do You Need?
Do you need a lot of space? You can spread out, add on rooms, and do whatever you want with it by buying a home. When you rent, you’re very limited with what changes you can make to a property. If you need more room and more freedom to use your space: buying may be the best option.