In the State of the Union address, the state or our country's current real estate situation was addressed. In today's real estate market it's not surprising if people are a bit gun shy about buying a home. Some questions that potential homeowners are considering:
- What if I can't afford my mortgage in the future?
- What if my home loses so much value that I eventually owe more than it's worth?
- What if I have to move in a few years and can't sell my home?
If you've ever asked yourself these questions about home ownership, it could be time for you to look into renting versus buying a home. Believe it or not, sometimes it makes more sense to rent an apartment in Roanoke, VA rather than own. Here are 3 tips to help you figure out which option—renting or buying—makes the most sense for you.
- Evaluate whether you have a steady income to support paying a mortgage.
- Make a timeline of how long you plan to stay put. If you anticipate staying in a home for only one or two years, it is unlikely that you will see a significant financial return on your investment.
- Crunch the numbers before making your decision. When buying a home, you have to take into consideration your mortgage payments as well as real estate taxes, insurance payments, and the maintenance costs. With renting an apartment, calculating month-to-month housing expenses is as easy as inquiring about the monthly rent and average utilities.