At some point in your life, you’re sure to ask the age-old question — Should I rent or should I buy? While there’s no easy answer, at Ameritex Movers, we are committed to educating you in every possible aspect of your decision. Read on for some eye-opening questions to ask yourself before choosing whether to buy or rent.
1. Can I afford the upfront costs of home buying?
Without getting into too many real estate terms, buyers have to come up with a down payment and closing costs. Generally, your down payment will be 3.5% to 20% of the sales price, depending on the type of loan you choose and how much you can afford.
Closing costs cover extra fees like appraisals, loan origination, credit checks, and recording fees, to name a few. In Texas, expect to pay between $3,000 and $7,500.
2. Am I willing to maintain a home, through both finances and hard work?
Expenses don’t stop once the house is yours. You’ll need to plan for routine home maintenance.
Examples of home maintenance include:
- Tune up appliances
- Power wash exterior
- Inspect and replace safety equipment
- Clean gutters
- Seal caulk and weather stripping where needed
- Seasonal lawn care
- Clean carpets
- Winterize pipes
- Change filters
- Vacuum dryer vent
A reasonably handy person can do some of the work alone, but sometimes it’s necessary to hire a professional. And the costs do add up.
3. Am I prepared to deal with a landlord?
A perk of renting is that maintenance issues don’t fall on you. While most landlords are reasonable folks, some can be slow to respond and correct the problem.
If you get stuck with a difficult landlord, can you remain calm and be patient? Are you prepared to fight for your home maintenance, if need be? It’s critical to know your limits before you sign a contract.
4. Are there specific financial aspects that are more attractive to me?
Owning a home can be financially advantageous, depending on your situation.
- If you live in an area with a good or up and coming real estate market, you might look at your home as an investment.
- Depending on your location, rent may be more expensive than a mortgage.
- Instead of handing over money to your landlord, a certain amount of your monthly note goes into equity on your home.
- As a homeowner, you’re entitled to certain tax deductions based on property taxes and private mortgage insurance.
In the end, the decision to buy or rent is personal. The best you can do is weigh each factor and come to a decision that works for you.
Are You Looking To Buy or Rent in the Houston Area?
Once you sign, Ameritex can take care of your home move. For more than 15 years, we’ve been in the business of providing our customers with stress-free moves. Our professional crews make sure every item arrives in mint condition at your new home, regardless of whether you decide to buy or rent.
Contact us for more information, or fill out the form at the top of the page for a complimentary moving quote.