As agents and moms active in our community, we often have potential buyers ask this question and see inquiries about this subject on social media.
Buying a home is a very solid investment for most people. That being said, renting can also be a better option for some, depending on the circumstances. The current interest rates are incredible. A 30-year VA mortgage can be locked in at a rate of around 2.25%. Since the interest rates are so low, it actually can be cheaper to pay a mortgage right now than paying rent. Chatting with a mortgage officer and giving them some preliminary details without checking your credit should give you a rough estimate on what you can afford and your mortgage payments may look like.
When considering renting vs. buying, there are questions you should ask yourself before deciding. One of the most important things to consider is the length you plan on staying in a home, if you were to purchase. If you only plan to live in the home for 1-2 years, are you willing to rent it out or stay in the home a little longer until you can generate a profit on the home sale. There is a chance you could make money on a home you've only been in short term, but with economy and market changes, it isn't guaranteed.
Another question to ask yourself is whether you are ready to take on the additional “responsibilities” of owning a home. When owning a home there will be general home maintenance that should be done, are you ready for that? If low maintenance is what you are looking for, perhaps opt for a condo or townhome where an association may maintain the greenspace and structure (always check association documents for what is covered).
Buying a home is a great option in many cases, but not always. Everyone's situation is different, so sit down and think about your desires, goals, and speak with a mortgage officer before making the decision that is best for you!
Mortgage Calculator: https://movement.com/lo/jimmy-richards/mortgage-calculator/
Note: Rates subject to credit and approval, always consult a local lender for information tailored to you
Comments