In today’s world, there are tons of housing options available. If you’re new to the world of real estate, you may be torn between buying and renting.
This is a common pain point that plagues many members of the Millennial generation.
The Millennials, those born between 1981 and 1996, are hitting the housing market and making a big entrance. As of now, they make up the majority of today’s real estate buyers and renters. This generation is coming of age and they’re looking for a place to call their dream homes.
If you’re a Millennial wondering whether to rent or to buy, I have some advice that may help you decide which option is best for you. Here are 3 expert insights on buying versus renting your next home:
Be Realistic About What You Can Afford
Buying a home will likely be more expensive than renting. Purchasing a home comes with a variety of costs, and the bill isn’t cheap. You’ll need to pay your real estate agent, meet minimum down payment requirements, hire inspectors; the list goes on.
Plus, you’ll likely be taking out a mortgage to finance the purchase. This makes buying a home a massive investment, so you’ll need to look at your budget to see if it’s manageable.
On the other hand, renting is a much more affordable option. There are far fewer fees and rents are typically lower than mortgage payments. Renters also don’t have the same homeowner responsibilities as buyers do, so it’s easier to maintain.
Renting is a great option for Millennials who still need to save up before they’re ready to buy their dream home.
Always Think About the Future, Too
As stated above, buying a home means entering into a long term responsibility. Contrarily, renting is a much more immediate living option. Most leases are only good for a year, so renters can easily switch things up and move to a new place. If you’re looking for greater flexibility, you might want to rent.
If you’re interested in building equity and cultivating greater security and stability, buying a house may be the right choice.
Buying is All About Timing
The real estate market has its ups and downs. Make sure you’re checking out your local market conditions and talk to a trusted real estate professional for more information.
Millennials, apply these tips to decide if you should rent or buy. Whatever you decide, make sure it’s the best option for your current situation. For more real estate tips and advice, keep up with my blog.
If you’re interested in diving into California’s real estate market, get in touch with me today. I’d be happy to help you find your next home. Don’t hesitate to reach out.