The decision of whether to buy or rent a home should not be made lightly.
One question I hear from people all the time is, “Should I rent my home or should I buy it?”
If you’re going to be in the area for an extended period, you may want to consider buying due to the many tax advantages, the opportunity to build up equity in your home, and the opportunity to increase your net worth. Buying a home could be the most important financial decision you ever make.
Before you buy though, you’ll need to get pre-approved. A pre-qualification is similar, but it’s not as concrete. A pre-approval means that all of your financial documentation has been verified, subject only to an inspection and appraisal. It gives you a much stronger negotiation position.
If you know you’re only going to be in a place for a short period, that’s when renting is usually the right choice. If you’re living in a home that you buy short term, it’s going to be hard to make any money on it. You’ll probably end up losing money on it instead.
If you have any questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you.