Questions to Ask Yourself: Renting vs. Buying
It’s time to move. You’re ready to leave your old rental property, and the question now is: do you buy a home or continue to rent? It’s a big decision to make, and there are a lot of factors to consider. Middel Realty wants to help you make the best decision for your family, so in today’s post, we’ll be going through a list of questions you should answer before committing to buying a home. If you choose to keep renting, choose a property management company that cares about you.
Middel Realty is dedicated to giving you the best rental experience possible, which is why we offer fast maintenance services and a 24/7 help line where you can always reach a Middel Realty employee. Keep reading to determine if renting is right for you and then explore our current Fort Collins listings!
Is Buying a Home Practical?
We’ve written about this decision process before, and a lot of the questions we encouraged you to ask yourself were straightforward and finance-based. In our original post, we asked you to consider what kind of monthly payments you could afford, and if you were prepared for all the costs of owning a home. The questions in that post also asked you to think about the state of the real estate market and how long you planned to stay in the area. Today, we’ll be talking about some of the more personal factors that might affect your decision to rent or buy a home. You can return to that original blog post on buying versus renting to review those questions and then continue with part two in today’s post.
What is Your Relationship Status?
When we say “relationship status,” we don’t just mean single or married. Buying a home is a big commitment, and if you plan to buy that home with a partner, you need to be confident in the long-term stability and strength of your relationship. It might be hard to consider honestly, but making a big decision about something like home ownership requires asking the hard questions. It’s better to have an uncomfortable conversation now than have something happen later on and have to go through the complex process of selling your home because you can no longer afford it on your own.
Not only should you evaluate the current status of your relationship, you should also think about what the future might hold. There might be just two of you now, but what about in a few years? How might your family grow and change? Because buying a home is a long-term investment, you need to make sure that if you buy a property, it can accommodate whatever the future may bring. If you are unsure of what kind of relationship you might have in a few years or these questions make you squirm, then renting is a likely a much safer option for you.
Are You Ready for the Responsibility of Home Ownership?
In our original post discussing renting versus buying a home, we made sure you were ready for the financial responsibilities of real estate investment, which will include the upfront costs of a home, closing costs, property taxes, and maintenance costs. However, there is more to owning a home than simply paying the bills; there is more personal responsibility and hands-on work required. You have both the freedom and the obligation to make decisions about your property.
It can be a thrill to redo the bathroom and hang up art with real nails instead of plastic hooks, but when something goes horribly wrong with the plumbing, there is no landlord to call. You need to find a way to fix things, whether there’s a crack in the foundation or roof damage courtesy of a fallen tree. There can be a lot of joy and fulfillment in being a homeowner, but there will also be times of stress, and sometimes the requirements on you can be emotionally and physically exhausting. Are you ready to make that commitment at the same time you write that first check? If not, renting can give you the experience of making a place home without the constricting responsibilities.
What are Your Career Plans?
We touched upon defining your long-term plans in our first post about making this big decision, but we didn’t discuss one of the biggest factors in determining those plans: your career. Are you happy with your current job? Is it a stable, long-term opportunity? If you are confident that you’ll have a well-paying position for years to come, then buying a home can be a smart investment. On the other hand, things change, and renting gives you the flexibility to change with the times. You have the opportunity to move for a better position or adapt if your company makes changes.
There is a lot to consider when you are debating whether to buy a home or continue to rent. Owning a home can afford stability, but that stability can become a trap. The major disadvantage of renting – the fact that it is a temporary situation – is also the advantage, because it gives you the flexibility to move and change. Hopefully, answering a few questions can make the choice easier. If you are in a stable, long-term relationship,or you have a steady job that you love, then those factors can make buying a home easier. On the other hand, if you aren’t prepared to take on all the responsibilities of home ownership, renting is a good compromise.
Is renting right for you? Let Middel Realty shoulder the responsibility of property management. We have been offering high-quality, single-family rental homes in Fort Collins for 25 years and we pride ourselves in going the extra mile to ensure your satisfaction. Not only will you enjoy prompt and reliable maintenance service, you’ll also have peace of mind knowing that you’ll be able to reach a Middel Realty employee at any time, any day of the week. Find your next dream home in our Fort Collins rental listings and contact us today to learn more!