When you’re ready to move out of your current home, you have more than a few decisions to make. The biggest decision you need to make is this: should you rent or buy your next home? It can be daunting, but you don’t have to go through the process alone. Ray Hanna Real Estate Services is here to make real estate easy. We are Milton’s Top Rated Local® real estate agency, and we are proud to offer an experience you won’t get anywhere else. We won’t pressure you to commit to something you don’t want and we’ll make sure that, in the end, you’re happy with whatever decision you make.
To help you get past the hurdle of deciding to continue renting or make the leap to a permanent residence, we have compiled a list of questions you should answer first. There are advantages and disadvantages to both renting and buying a home, but it all depends on you. Take a close look at your plans for the future and your financial situation and in the end, the answer should be clear. Whether you decide to rent or buy, Ray Hanna Real Estate Services can help you find your next dream home. Call today to get started!
What is Your Long-Term Plan?
Real estate is a long-term investment. That means that if you want to buy a home, you need to have a stable, long-term plan in place. Defining what your long-term plan can be complex, so we’ve broken it down into three of the most important components.
How Long Do You Plan to Stay in the Area?
You have probably heard the phrase “location, location, location” before. If you want to be happy in your future home, you need to love the location, so think about where you are and where you want to be in the next couple years. Do you like living in the greater Toronto area? Is there a specific neighborhood in which you would be happy to settle? If you love Milton and you plan to stay, then buying a home can be a worthwhile investment. If you have been dreaming of moving to another province or neighborhood, but you don’t have the funds just yet, then the better option for you would be to rent until you’re ready to move.
What Are Your Career Plans?
Did you recently start a new job with a long, bright future? Or have you been in the same position for years and hope for a better opportunity? Your long-term plan is going to hinge upon the future of your career, so take the time to consider where you might be going. Is your professional status and income stable enough to support a real estate investment? Are you satisfied enough with your job to stick with it for several years at the very least? If the answer to those questions is yes, then you should consider buying a home rather than renting. If not, renting can give you valuable flexibility to move and change your plans without big financial consequences.
What Will Your Relationship Status Be in Five Years?
There are more than a few reasons you should consider the future of your relationship or, if you’re currently single, the possibility of a relationship. Buying a home is a big commitment. Not only should you consider whether or not your current relationship is another long-term commitment you’re happy to make, you should also consider if you and your partner are ready for the responsibility that comes with home ownership. Take the time to think about how your relationship status might change in the next few years, too. Are you and your partner thinking about having kids? If so, the house you choose to invest in should have room for your family to grow.
Be Honest with Yourself
Buying a home can be an incredibly rewarding investment, but it is also a big leap. Think carefully about whether you are ready to make that leap and how home ownership might fit into your future plans. Are you excited to call Milton home? Do you have a career and a paycheck you can depend on to pay the bills and keep you in the area? Does your dream home fit with the future of your relationships and family? If the answer to any of those questions is no, renting is probably a better option for your current situation. Considering your long-term plan is only one part of the discussion you should have about real estate investment, so watch for more posts in this series with more advice.
Contact Ray Hanna Today
Ray Hanna Real Estate Services is here for you, no matter what you need. We can help you find the perfect home, whether you are looking to rent or buy, and we’ll help you make the best decision for you. Learn more about all the services we provide, explore our current listings, and get in touch with a Ray Hanna team member today to get started!