The list is endless when it comes to what is for rent and what is for sale in the real estate market. If you’re on the hunt to find the place of your dreams, how do you know what to consider when there are so many options?
It is important to consider a multitude of things regardless of your age or where you live.
- What is your budget?
- Is this a “forever home”?
- If not, how long do you plan on staying in this new home?
- Where do you see yourself financially? Personally? Professionally?
Once you have the concrete answers to the initial questions above, you can now move into understanding if buying or renting is better for you. Both buying and renting come with a long list of pros and cons.
Once taking all that may apply to you into account, the foundation of buying vs. renting truly comes down to this:
- Buying a house can build equity but it also comes with a lot of home maintenance costs that will come out of your pocket.
- Renting allows more flexibility but you may be spending a lot of money to never call something your own.
It is during this time that you can really understand what you want out of your home. A lot needs to be understood and considered outside of your financial freedom and restrictions. Taking into account the area in which you want to reside is a huge factor. Using Chicago as an example- there are so many neighborhoods within a few mile radius. It can be overwhelming with the many varieties of homes, people, neighborhoods, etc. that Chicago has to offer. Doing your research in all aspects of a home search is crucial before beginning the next steps of looking at places to live in. Having the knowledge of what is best for you, what you want, and the contributing factors of the things you need makes the processes a lot easier when going into it. Hiring a real estate agent will smooth the task as well. Being able to provide the agent with all of the many components of your requests will get your to where you want to be faster and more efficient than ever.