Ignite FB Tracking PixelShould I Rent or Should I Buy? - Annette McCullough
Should I Rent or Should I Buy?

by Annette McCullough 11/04/2018

Renting is a great short-term housing solution for millions of Americans each year. And, for those who don’t want the responsibilities of homeownership, it can also serve as a longterm lifestyle for those uninterested in equity. However, if you do hope to someday purchase a home, there are several reasons it is one of the best financial decisions in the long run.

Finding out when is the right time to buy a home is a difficult question to ask yourself. You’ll have to consider your current budget and future financial goals, your employment situation, and personal lifestyle preferences.

In today’s post, I’m going to discuss several of these considerations to help you determine if now is the time to buy a home or if you should continue renting for the time being.

Mortgage rates through history

One of the features of homebuying that is largely out of your control is the historical average mortgage interest rates.


While your specific rate will be based on things like your income and credit score, as well as the type of mortgage you choose, real estate trends will also have an impact on the rate that lenders use.

Rates are, on average, lower in the last five years than they were throughout the 80s, 90s, and 00s. With rates under 4%, these levels are unprecedented in the last 3 decades. However, last year did see a slight increase to 4.1%.

What are your long and short-term plans?

Many people who are considering buying their first homes are more concerned with whether it’s  financially feasible than if it fits into their life and career goals.

Before you start shopping for houses and contacting lenders, it’s a good idea to sit down with your family or significant other and start thinking about a timeline.

First, are you prepared to live in your next home for 5-7 years? This a good baseline for the amount of time you need to stay in a home to make it worth the costs.

Next, would you have better career or education prospects if you were to move elsewhere in a few years?


Of course, these questions are not objective--you may never know for sure which is the best decision. However, having the conversation is vital to moving forward.

Are you prepared for the extra workload?

Homeownership is work. Aside from just having to mow the lawn and take out the garbage, you’ll also be responsible for repairs and maintenance that previously your landlord was required to do.

The good news is you can learn most things on YouTube. However, some repairs can be costly and require calling in a professional. Just like owning a car, homeownership has it’s associated upkeep expenses.

However, with that added responsibility comes independence. You can paint and change your home how you see fit without worrying about losing a security deposit.


Start considering these questions now and in due time you’ll have a better understanding of your current and future goals. This way, you’ll be able to choose the best possible time to buy a home.

About the Author

Author
Annette McCullough
Choosing the right Realtor is easier than you think. When you select Annette to represent your real estate needs, life just got easier! After serving more than 25 years in banking and residential lending, Annette’s knowledge of the mortgage industry makes the buying process seamless. Her vast background in real estate finance and closing will ensure that she not only finds your dream home, but guarantees the key as well. Hailing from Frankfurt Germany, Annette’s upbringing and work ethic are responsible for the discipline, attention to detail, and follow-through she brings to her work. Formally educated in finance, Annette went on to become a senior accounts manager at Post Bank, Frankfurt. Customer service is her cornerstone as she is a focused listener and able advisor who competently matches the clients’ needs to the right property, and assures an honest and efficient transaction. As a careerist military spouse, the challenges of moving and resettling often was a norm that Annette learned to master. As an alumni of Lees-burg High School, her husband Ron is a local with a large family. So, settling down here, after retiring from the military, made for the perfect landing. Central Florida has so much to offer and great weather to boot. Annette and her husband enjoy kayaking in the many lakes and springs in the area and taking long walks with their Beagle "Bailey”. Realty Executives in the Villages focuses exclusively on the re-sale market of The Villages as well as all of the surrounding active adult communities. Whether you are buying or selling, giving your real estate dreams an address is what Annette does best!