Many homeowners research the heck out of buying a first home: what to look for in a house and location, what kind of mortgage to get, programs for first-time homebuyers, what to ask the sellers, and so on. But, it’s the stuff they missed and didn’t expect in the home buying process that they remember the most. Here are some things to really think about when considering if renting or buying is better.
You Don’t Have to Buy a Home
It used to be that homeownership was a given, just like getting a college education, getting married, and having kids. It was said that property investments were the most reliable investments you could make.
After the Great Big Housing Debacle, many people are thinking differently and choosing to rent an apartment in Glen Allen, VA instead of own. Depending on where you live and your lifestyle/plans for the next few years, renting could be better for you. Both renting and homeownership are fine choices if you run the numbers for your particular situation.
Be sure to take a deep dive into the question of whether renting or buying is better. Here is what Trent writes on The Simple Dollar:
Don’t buy a home because that’s what you’ve been told you’re “supposed” to do.
Don’t buy a home because that’s what you think you’re “supposed” to do.
Don’t buy a home because it’s a good investment for the future. It’s really not all that great of an investment.
Don’t buy a home because you might get married and have kids someday and you need the space for this hypothetical future.
Don’t buy a home because you think it will lead you to some sort of idealized suburban life. A home won’t change who you are.
Don’t buy a home because you’re trying to “keep up” with someone in your life. It’ll make you fall further behind in the long run.
In other words, buying a home is a financial decision, not an emotional one (more on that in a bit).
For more information on renting in Glen Allen, VA contact The Gardens.
Excerpts - lifehacker.com