From Stress to Success in the City: Part 2: Renting vs Buying

If you feel established financially, buying a home, loft, condo, or apartment may be the right option for you. Establishing a mortgage payment rather than a rent check may be more attainable than you think.

Researching your real estate market, mortgage rates, and the timing of when you buy a home is vital to success. If you are a first time home buyer, programs are often available that are tailored to your needs. Also, figuring out your budget will help ready you to buy a home.

Buying vs Renting

Buying a house may be easier than you think. Courtesy: creditsesame.com

Even if you are young and starting out, buying can still be an option for you. Before you pay your landlord money you’ll never see again, take time to weigh the benefits of buying instead of renting.

Haley’s 5 Reasons to Buy

  1. Cheaper than renting: When buying a home is cheaper than renting housing, consider going for the mortgage. Paying a monthly rent means you are not putting your money into an investment.
  2. You Are Planning to Stay: If you plan to stay long-term in your city, buying is a smart option for you. Buying a home that you can invest in over a long period of time is smart for your finances and building personal assets.
  3. Build Your Credit: Making (on time) monthly payments on a home builds your credit, making you a candidate for a future home that is larger and better suited to a family.
  4. Freedom: Owning your own home means making whatever adjustments you want to it. You can paint and hang decorations wherever you would like. You do not have to wait on a landlord to make decisions for you or abide by their rules.
  5. Find a Deal: When the housing bubble burst, many people found deals on houses that were foreclosed on or the sellers were forced to short sell or sell at a lower rate due to the market. This can still be the case today. Be patient and search for the right deal on your housing choice.

Understanding your options before you pick a place to live will ease the stress. Buying a home means stability and independence. If you’re ready to take on the responsibility of a mortgage, start your real estate search today!

HaleyFulford-TheWiseLatinaClubA food enthusiast and native Georgia Peach, Haley recently graduated from Appalachian State University with a Bachelors of Science in Sustainable Development. Currently working at the United States House of Representatives, she is passionate about the outdoors, improved access to quality education for all, public policy, and documenting “from stress to success in the city.” Click here to read more about and connect with Haley.

Edited by Viviana Hurtado, Ph.D.

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