Choosing whether to buy a home after your lease expires or continue to rent is a major decision. There’s no “right” answer, as it completely depends upon your personal situation.

Before you decide which is the best option for you, ask yourself these questions:

How Long Will You Be Living In The Same Place?new homeowner

If you’re moving every few years, renting may continue to be the best option for you. This will save you a lot of time and money going through the process of buying and selling whenever you move.

Can You Afford The Costs Of Owning A Home?

Owning a home is more than paying a mortgage payment each month. You must also take into consideration down payment, closing costs, home insurance, and other costs like maintenance and repairs.

Renting can be a very predictable expense, as you will only have to pay rent and most likely utilities. This can be a great option for those who prefer not to have a property to maintain or unexpected repair expenses.

How Is Your Credit Score?

Before you begin your journey to buying a property, take a look at your credit score and see if it needs improvement. While many apartments will look at your credit history before renting there is no credit standard, according to Experian.

Remember To Decide Before Your Lease Expires!

Before your lease expires, it’s essential to have a plan in place. Look at your current finances and if you want to renew your lease with your current apartment, rent somewhere else that better meets your needs, or can afford to purchase a home.

If you decide that you are ready to take the step into homeownership, talk to a trusted real estate agent like those at Merchant of Homes. We have the knowledge and experience to help you find a home that you will love.q

Need Help Purchasing A Property?

Trust The Experts At The Eric Merchant Team!