Rent or Buy? That is the question

No doubt, pending on where you live, it is always important for your budget to determine where you have the most level of affordability, through renting or purchasing. First and foremost, in certain states, there is always those more desirable areas that we would love to live because it is remote to the places we enjoy being, but will your budget actually afford you the opportunity to live there? These are questions that at some point in our lives, we must answer and is driving to save a few hundred dollars or more really worth it?

When we make the decision to drive because our budget is important, some of the bigger questions we have to ask is how much are we really saving monthly to drive a little further? There are those unforeseen expenses that go along with the drive including, car repairs, tolls to get to and from work, the extra hour it takes to get to or from, which ultimately reduces the amount of time we get to spend doing other things. So, before making the final decision on what to do, list some of the differences in cost that you may be subject to. How much are you really saving with the extra wear and tear on your vehicle, tolls, the commute time and most importantly, the loss of time you may experience through commuting.

Now, if it is absolutely necessary to live in an area that is a little further from your area of desire, try to make the best of it. Think of it like a stepping stone to reach your next goal. If you are buying a home, buy one in an area that is desirable to ensure that you have the best possible return on your investment, yes SCHOOL districts are important whether you have kiddos or not and if you are renting, find one that is cheap enough to allow you to save money monthly to put towards your future venue. Regardless of where you live, the key is to try and save as much money as you can. Being mortgage poor or rent poor is not fun and can really cause you to lose your mind and incentive to better your situation. Homeownership is something to work hard to attain. It is never an easy process, especially if you are like the rest of America and have had some credit mishaps. Make sure you are working hard to keep your credit sparkly and clean as it will definitely reduce the amount of stress you have whether you be renting or buying. 

Weigh your options always but there is always benefits with homeownership in the form of tax benefits, eventually you own it and lastly you have the opportunity to build EQUITY... It is a stepping stone to more added wealth and homeownership helps to break down barriers! I would love to help you with all of your Real Estate needs....

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Post Category: Affordable Housing, Home Buying, Houston Living

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