RENTING: HOW LONG SHOULD YOU RENT?

Many people are opting to rent rather than buy in today’s economic climate. Most of the time, this isn’t by choice; renters can’t always afford to buy their own home. Those wishing to buy a home, on the other hand, may find it difficult to determine when the proper moment is to buy a home and stop renting.  Should you start shopping for houses to buy? There are a slew of elements that go into deciding whether or not you should cease renting and invest in a property. So, what signs should you look for that indicate you’re ready to buy a house? Let’s have a look at what we’ve got.

Financials

Your current financial status is the first aspect that decides how long you should rent a home. Even with a mortgage, purchasing a home is expensive. Most mortgages need a 20% down payment, which means you’ll still need to save a significant amount of money. There are a plethora of other expenses you’ll have to deal with in addition to the mortgage down payment. As a result, you should probably rent until you have amassed a substantial sum of money and are financially secure. Owning a home is a significant financial commitment, so if you aren’t ready, you should probably continue to rent.

Currently Rented

Your present lease arrangement is an apparent consideration in determining how long you should rent. You may be financially prepared to purchase your own home, but if your existing lease arrangement prevents you from doing so, you will have to wait. The majority of lease agreements have an early termination clause that spells out what happens if you break your lease early. Some leases require you to pay a lot of costs if you break your lease early, resulting in a lot of money being wasted. Other agreements may make it impossible for you to break your lease, forcing you to stay paying rent for the duration. As a result, it’s usually advisable to remain renting and finish your lease.

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Occupation

If you have a well paying work and want to settle down in a new area, it might be time to consider buying a house. Renting gives you a lot of freedom, allowing you to move about and take advantage of the greatest deals. When your lease expires, you can easily relocate while renting. Once you have a solid job, though, you will most likely want to settle down and reside in one place. When this happens, the flexibility of renting loses a lot of its appeal, and a major benefit of renting becomes irrelevant. When this occurs, you’ll most likely have the financial stability and employment security to consider purchasing a property.

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Family

Another major factor in how long you should rent is your family situation. If you live alone or just with a partner, renting for a long period of time may not be that bad of an idea. You won’t need too much space, and moving around from different leases shouldn’t be that big of a hassle if required. However, when children enter the picture it may be time to start seriously considering buying a home. With children, you’ll need more space and a bigger location, which can sometimes be hard to find in a rental property. Additionally, you’ll want to have stability when you have kids, as you don’t want to force your children to leave their school district and friends because you need to find a new rental property. Owning a home brings stability to your life, something that is highly valuable when raising children.

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