To Buy or Rent?

A question many potential first-time home buyers ask themselves is “Should I buy or rent?” There are pros and cons to renting, just as there are pros and cons to owning a home. Deciding to buy a home is likely the largest financial decision a person makes in his/her lifetime. Below are some things to consider before making the decision to purchase a home.

Do you have a steady income? The first question to ask yourself is whether or not you can afford to purchase a home. With a stable income, good credit and documented employment, home ownership can be a good financial decision. Without those three things it may be difficult to qualify for a loan. Sometimes, the smarter financial choice is to rent while you’re working to improve your credit and save for a down payment. Don’t hesitate to contact a REALTOR® even before you decide to purchase a home. Along with your mortgage lender, our agents can answer your questions regarding the cost of home-ownership.

Do you plan to own the home for an extended length of time? With good planning, purchasing a home can be one of the best investments you can make. Although there are no guarantees, homes usually appreciate in value over time. As a homeowner, you build equity through monthly mortgage payments. If you plan on staying in the home for less than two years, it is unlikely that you’ll see a substantial financial return on your investment.

Do you need to sell your house in order to buy? A Preferred Partners agent can help you understand the current market conditions and what your home will likely sell for in today’s market.

How do the other options compare? When it comes to renting, calculating monthly expenses is as simple as adding the monthly rent to the average utilities. When it comes to buying a home, the calculation becomes more complicated. Our associates at Preferred Partners Real Estate can help! We are here to answer your questions about annual property taxes, homeowner tax incentives, and much more.

If you have further question feel free to contact me, Neil Gush, North Dakota Licensed Realtor with Preferred Partners Real Estate 2050 36th Avenue SW, Suite #205 • Minot, ND 58701 Office:701-852-4663 or Cell:701-340-1734.

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