Renting vs Buying: Which One Is Better?
Renting vs Buying: Which One Is Better?
Deciding whether to rent or buy is a big decision and, there is no right answer for everyone— but there is a right answer for you! Here are a few questions to ask yourself to determine whether you are ready to buy a house or should rent instead.
What Are Your Long Term Goals?
If you are starting to get an itch to move out of town or have just moved into a new town— buying a home might not be the right option just yet! Before you decide to buy a home, it can be helpful to rent for a few years in the town you think you would like to buy in. This gives you the ability to explore the area and make sure it’s the right fit for you and your family!
Are You Financially Ready for Home Ownership?
Your financial responsibility plays a large role in whether you are ready to buy a home! Your current credit score will affect your ability to get a home loan and if you are looking to get a conventional loan, you’ll need a score over 600.
But your credit score isn’t the only marker of your financial responsibility— you should also feel confident about your future finances before you buy a home. Before you buy a home, you should feel confident that you won’t lose your employment anytime soon and that you feel comfortable following the 30% rule: your mortgage should be less than 30% of your gross monthly income.
At the same time, if finances are all that’s holding you back from homeownership— all hopes not lost! Haitian real estate professionals are here to help you and have financial assistance options they can discuss with you.
Do You Have the Skills or Connections to Maintain a Home You Buy?
Once you own a home, there is no more calling the landlord for help with a broken dishwasher or a faulty switch— you are the landlord! Having the skills to fix small problems as they arise and the connections to call for help when bigger issues come up is an important part of home ownership.
At Haitian Realty, we want to make sure you are equipped with all the knowledge and contacts you need to be a successful homeowner. Our goal is to nurture the progression of Haitian homeownership so whether you need a contractor or a Haitian real estate agent— we’re here to help you find the right person for the job!
