Whether you’ve been renting for a long time and want to get out of the rental cycle, are financially able to purchase your first home, or simply want a shift in lifestyle, you’ll want to ask yourself the following questions to help you establish what’s best for you.
- Is your long-term goal to build financial security through homeownership?
- Are you tired of being in the rent cycle and looking for more financial stability?
- Are your monthly rent costs increasing, making your financial wellness less predictable?
- Are you ready or close to being able to put a down payment on a home?
- Are you able to afford the monthly costs and maintenance of homeownership?
- Do you anticipate staying in your home for at least five to seven years?
- Are you an empty nester and want to downsize?
Below are listed some of the benefits of buying:
Build equity
Tax benefit
Emotional stability
Financial stability
Flexibility
Other factors to consider:
Market pricing and affordability
Homeowners associations (HOA) fees
Taxes and ancillary costs
Below are some benefits of renting:
Affordability
No long-term commitment
Empty nester phase of life
Other factors to consider:
Financial limitations
Rent increases
Repairs and maintenance challenges
No permanence
Lack of flexibility
Other limitations
Take a piece of paper and jot down your personal benefits and drawbacks of homeownership to help you prepare to meet with Mary, your real estate agent.
In conclusion, the decision can be complicated. Because there are so many factors to consider, it’s best to consult with Mary who will help you identify your strengths and weaknesses as a buyer and most importantly, help you overcome any challenges to better position yourself to purchase a home.
Connect with Mary! #connectwithmary
Mary Palma, Real Estate Broker
Palma Group Properties, Inc.
Licensed in Northern Virginia, Maryland and Washington DC
Cell: 571-259-3009 and Bus: 703-261-4075