Rent v Buy – Is Homeownership for You?
There are many questions that you should ask yourself prior to making the decision to buy.
- Do I have a downpayment of at least 20%?
- Am I debt free or close to it?
- Do I plan to stay in the house for at least 7 years?
- Do I have at least 6 months living expenses saved up for emergencies?
- How much space do I need?
- Do I need a garage?
- Do I need a yard for pets or children?
- Do I like to garden?
- Do I want recreational facilities such as a pool, tennis courts, etc…?
- Do I like to fix things?
- Do I plan to move or accept new employment soon?
- How close to shopping, retail and restaurants do I want to be?
- How far from work am I willing to be?
- Do I live paycheck to paycheck?
For those who desire a yard, a garden or a lot of space (over 1500 square feet) a house may be a better choice if they are financially ready to buy a home.
However, since HHHunt can pool the resources of the organization and purchase prime real estate, those who value convenience to shopping and restaurants, a short commute to work or superior school districts may be better off renting a home at HHHunt.
Those who value flexibility in their housing and employment options and those who enjoy access recreational facilities such as fitness facilities, pools, tennis courts and social events may also be better suited to renting a home.