Purchasing and renting have advantages and disadvantages. However, Chris D. Bentley shares several considerations that may be considered when deciding whether to rent or buy a property.
About Chris D. Bentley
Chris D. Bentley is the founder of Betley Fine Properties. He is a Dallas real estate expert and self-published author of four books on Amazon. Chris has become famous as Dallas’ most aggressive real estate magnate
He was voted Voted D Magazine’s best realtor in 2017, 2018, 2019, 2021, and 2022. He was also listed #13 on Top 20 Dallas Realtors on Social Media in 2018 and 2019.
The following are factors shared by Chris D. Bentley.
Future Plans
It might be challenging to foresee what will happen in your life next, even with careful planning. However, consider whether purchasing a home fits your overall plan if you have some idea of where you want to go and what you want to accomplish with your life in the next 5 to 10 years. For instance, purchasing a home usually makes the most sense if you expect to remain in one location for at least five years and have the financial means to do so.
Stability or Flexibility
Do you enjoy having the freedom to move anytime you want or need to? Owning a property may not be the best choice unless you’re comfortable renting it out while you’re away. Owning a home, though, can help you achieve that if you’re considering establishing some roots and becoming more involved in the neighborhood. There are several emotional and financial benefits to purchasing a home and residing in it for at least five years. Since having a place to call “home” and making it all your own is special, one should weigh stability vs. flexibility when choosing between buying and renting.
Affordability
Affordability is last but by no means least. Can you currently afford to purchase a home? Your financial ability is the critical factor in deciding whether you should rent or buy a property right now. We want you to be aware of all the advantages and disadvantages of home ownership vs. renting, and we also want you to be realistic about your abilities and goals. If you decide to wait, you should also analyze the state of the market and forecasts for the immediate future.
Buying vs. renting costs
The cost of renting versus owning is another factor to take into account. Rent is just a set monthly fee that usually rises yearly. As was already said, it has grown considerably during the past one to two years, but generally, it grows more slowly. Although there is a rise, a landlord or property owner receives the money each month, and there is no equity built up for future profit.
The location and the cost of comparable houses or rentals in the neighborhood where you want to reside are additionally essential elements that affect affordability. You should also consider your credit rating and whether a lender would consider you creditworthy if you couldn’t make an upfront cash payment.
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