Now may be the time for you to consider whether to purchase a home or rent a property. Both options have benefits dependent on your situation and your priorities.
To make a solid decision, you should start by reviewing a few questions:
What are your expected finances for the next 5 years?
How long have you been with your current job?
Is it possible that you will be asked to relocate?
What amount do you have for a down payment?
Are you planning to stay in the home for several years?
What do you pay for rent currently? If you've been there more than one year, how much does your rent typically go up every year?
Are you handy with home repairs? If not, would you be able to cover the cost of hiring a professional when needed?
Lastly, you should weigh the non-financial aspects of home ownership. As a home owner you have the freedom to change the home and landscape to suit you, the stability of having no landlord, and the pride of ownership.
If you want to know more about the specifics for the market in your area, I encourage you to call me. We can compare the costs of a standard home purchase versus what would be expected for a similar rental property. I can help you review your options so you can make an informed decision.