That is the question today’s house hunters are asking themselves as they contemplate a move. If city life has got you living the high life, renting may be a more lifestyle-friendly option. How can you determine what is right for you? Here are four factors that you should consider:
- Your Platinum Amex is literally weighing you down: You have a closet full of Fluevlogs or Choos and credit score of 540. If your finances are stretched too thin, you are not ready to own. Just because FHA-insured loans allow for a much smaller down payment, it doesn’t mean buying is a smart decision. Simple as that.
- You have wanderlust: While moving into a new flat is pricey, moving out is often more so. When you purchase a home, you do not pay a fee to the realtor. However, when you sell a home you are obligated to pay the agent’s full fee, which can be up to 6%, plus closing costs, final repairs [lime green walls were a good idea at one point, right?] and moving costs. These expenses can add up, and quickly eat into your investment return–if you stuck around long enough to gain one! So if you are thinking an Eat. Pray. Love. journey in the near future, don’t buy.
- Your calculations are incorrect: There are several wonderful tools available online to help you assess your home buying viability. Check out our Renting Vs. Owning page, with a link to a calculator, to see if you measure up. http://863katy.com/renting_vs_owning.php
- You still need your landlord to hold your hand: Let’s face it- leaky roofs, broken dishwashers, and dripping faucets are not only annoyances, but harsh realities of home ownership, and amount to out-of-pocket expenses that you would not incur as a renter. If just the thought of a broken water heater causes heart palpitations, rest easier by leaving the upkeep to someone else. There is nothing wrong with that approach, and there is no rule that says you must own, even if you have the money. Whatever gives you peace of mind is the right choice.











Just Cause Protections for Residential Tenants Extended to Non Rent-Controlled Units Subject to Foreclosure
