For most first-time homeowners, the question of whether to buy or rent is a big one. You may have spent all your life renting, or maybe you just spent it living with parents, in a college dorm, or with a partner. But the decision to rent or buy is one of the biggest. Check out these five questions below to determine whether you should rent or buy a home in NJ.
Do you want to move? If you like the idea of traveling and moving house frequently, renting may be a better bet. One of the biggest advantages to renting is that you can pack up and move with little notice—and take your resources with you. That being said, if you know that a home in Sussex county is for you, buying is your best plan!
Do you know how many rooms you’ll need in the future? Imagine finding the perfect two-bedroom, a nice view, and a beautiful yard. This might be what you need now, but are you planning to start a big family soon? Alternatively, if your family is older and ready to move on, you may want the flexibility of going from a big house to a smaller one.
Are you a DIY-er? Home ownership comes with many responsibilities, and repairs are one. On the other hand, home owners can repaint, remodel, and enjoy the freedom to “do it themselves” whenever they choose.
How’s your credit? Unfortunately for those of us who have played too much in our youth, credit can impact your home purchase. If your credit is very poor, we can definitely find you a loan—however, some clients will spend a year or two renting and fixing credit.
Money now or money later? Renting is often cheaper in the short term. There is no down payment, no closing costs, and no commitment. However, over a period of 5-15 years (depending on your market), home ownership will pay itself off in a way that renting never will.
Remember, when you own property, you are investing in your future! However, that does not always mean that “right now” is the best time to buy. To discuss your financial and home buying situation in detail, set up an appointment with our real estate power team today!