Should I Rent or Buy?: 5 Key Considerations

One of the biggest decisions you’ll make as you look for your next place is whether it makes sense to buy or rent.

While there are countless articles out there with laundry lists of things to consider, I’ve boiled it down for you into 5 key questions to ask yourself before you decide.

By the end of this article, you’ll have what you need to make that decision and, you know, if you have any questions I’ll be here to answer them.

So, let’s dive in!

Question 1: Are You Ready To Stay In This Location?

Location. Location. Location.

The first thing you want to think about is whether the area you’re moving to is going to be your hometown for the foreseeable future.

With remote work growing in popularity, this consideration couldn't be more confusing for some of us.

If you can work from anywhere, do you want the freedom to move each year?

If you need to work from a particular office or business location, does it make more sense to set down some roots?

As you answer this question, also check in with your realtor to explore whether a particular area’s home or rent prices are expected to increase. This can help you make a more informed decision.

Question 2: Do You Want To Make Changes To Your Space?

If you want to move in and not worry about maintenance or renovations, renting is often the right decision.

Any changes you make to a home you buy will come with paperwork, contractors, and budgets.

If you find a rental property that you’ve fallen in love with exactly as it is, that’s a great sign that this may be your best bet.

If you’re ready for a project, buying a home that needs a bit of love might be the right choice.

Either way, it’s important to know how much customization you’re looking for in your next place.

Question 3: Which Makes The Most Financial Sense?

Buying a home makes building equity a possibility while renting often means saving money on things like maintenance and other expenses.

Buying also comes with other expenses (down payments, closing costs, inspections, and the like) that you’ll want to consider when making this decision.

The key to answering this question is to explore your current financial situation to make an informed choice about what happens next.

Question 4: What’s Your Long Term Life Plan?

Yes. We’re going there.

One of the most vital questions to consider when deciding if you should rent or buy is to explore where you want to be in the future.

If you know you want to own a home in the next five years, even if you’re not financially there yet, you can begin to work with your realtor to set yourself up for that future purchase.

But the first step on that journey is to explore what you want it to look like.

Question 5: Have You Talked To Your Realtor About Market Conditions?

While you can plan ahead, some things can feel out of your control.

That’s why you’ll want to talk to your realtor about market conditions and price trends in the area where you’d like to move.

As an expert in Jersey Shore real estate, I help my clients understand what’s going on in the towns where they’ve always dreamed of living.

And whether you’re renting or buying, I can help you make your next move less stressful than you’d imagine.

Still Not Sold On Renting Or Buying?

Still unsure about whether you should rent or buy?

Don’t sweat it.

You can connect with me here and we’ll talk about it!