{"id":13141,"date":"2019-07-23T15:15:05","date_gmt":"2019-07-23T22:15:05","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13141"},"modified":"2019-07-18T09:31:50","modified_gmt":"2019-07-18T16:31:50","slug":"simple-questions-to-help-you-decide-rent-or-buy","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/07\/simple-questions-to-help-you-decide-rent-or-buy\/","title":{"rendered":"Simple Questions to Help You Decide Rent or Buy"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s always hard to choose between buying and renting. Last year\u2019s housing market will tell you that it\u2019s better to rent than buy. CNBC reports that rising housing prices and mortgage rates have made it cheaper to rent a home than to buy a brand new one. But then again, buying has its own perks as homes typically increase in value and build equity \u2013 if you know what you\u2019re doing. So which one should you choose? Here are a few simple questions you can ask yourself to help you decide :<\/p>\n<p style=\"text-align: justify;\"><strong>What can I afford?<\/strong><\/p>\n<p style=\"text-align: justify;\">Buying or renting depends a lot on your current budget. How much can you or are you willing to spend? To get a quick overview, you can compute how much you make in a month and deduct what you spend on essentials like food and transportation. Certified financial planner Bill Engel explains that a good rule of thumb is to keep a total housing cost at around 30% of your monthly income. \u201cYou don\u2019t want to bite off more than you can chew.<\/p>\n<p style=\"text-align: justify;\">Plan on having a cash reserve,\u201d he said. You should also consider that when mortgage rates are very low, your buying power is much higher. Our Real Estate Market Analysis for Beginners post can help you understand the market better in terms of the fundamental factors you need to consider. The more you know about the market, the better you can gauge what you can actually afford.<\/p>\n<p style=\"text-align: justify;\"><strong>Where will I be five years from now?<\/strong><\/p>\n<p style=\"text-align: justify;\">You definitely need to look at where your life and career will eventually take you. If you\u2019re not yet sure where you\u2019ll be career-wise, you\u2019re probably better off renting for now. RealtyHop corporate communications analyst Shane Lee says your career trajectory has a huge impact on your renting or buying decision. \u201cOwning a home requires a huge financial commitment, and if your income is going to fluctuate in the next three to five years, it might not be ideal for you to buy.\u201d You might also incur exorbitant home purchasing costs if you\u2019re not careful. A feature article by Yoreevo on whether to rent or buy a property in NYC explains that buying the average apartment in the city with a traditional broker has a total transaction cost of about 10% of the purchase price. Buying and renting can be really expensive if you don\u2019t consider the long term.<\/p>\n<p style=\"text-align: justify;\"><strong>Can I afford home maintenance?<\/strong><\/p>\n<p style=\"text-align: justify;\">Your expenses do not stop after you make a purchase. The most recent data shows that an average homeowner spends more than $200 on housekeeping alone every month. You still need to account for the cost of home security systems, pool and garden maintenance, septic services, and trash collection. Being financially prepared for these things can be a sign that you might be ready to buy.<\/p>\n<p style=\"text-align: justify;\"><strong>Am I making a decision based on emotions?<\/strong><\/p>\n<p style=\"text-align: justify;\">If it seems like everyone else in your circle is buying a house, it doesn\u2019t mean you have to buy one, too. Making a decision based on your emotions might do you more harm than good. Don\u2019t let your emotions run your life. Ultimately, you should only buy a house if you know you can afford it and if you\u2019re sure about where you\u2019ll be in the next five years. Always think like an investor whether you\u2019re buying or selling\u2014never overpay.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/rent-or-buy-these-simple-questions-will-help-you-decide\/98754912\/\" target=\"_blank\" rel=\"noopener noreferrer\">Rent or Buy? These Simple Questions Will Help You Decide<\/a> by Al Twitty | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s always hard to choose between buying and renting. Last year\u2019s housing market will tell you that it\u2019s better to rent than buy. CNBC reports that rising housing prices and &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/simple-questions-to-help-you-decide-rent-or-buy\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-13141","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Simple Questions to Help You Decide Rent or Buy &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/07\/simple-questions-to-help-you-decide-rent-or-buy\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Simple Questions to Help You Decide Rent or Buy &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s always hard to choose between buying and renting. 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