Finding that new perfect place to live in isn’t all about the price tag. You need to think about buying vs. renting, condo vs. house vs. apartment, amenities vs. location and so much more. As all the features of your contending properties stack up against each other, you may just find yourself at the question: “What is the point of all this?”
To save yourself unwanted stress on deciding on your next place of residence, get thinking about what property features are valuable to you as an individual. Weigh your needs vs. wants vs. non-negotiables to help narrow down your search. Here, Realtor Sandy Stinson walks you through the main factors to consider.
Renting vs. Buying
When you buy a property, you have an investment for life, along with the stability and comfort of a forever home. But what about renting? Renting allows you to test the waters and determine if a neighborhood is truly worth the investment before buying a home. But it’s also important to wait and buy a house when it’s right for you.
Buying a house is more than just paying a mortgage. You become responsible for any and all repairs and the cost that comes along with them. If you’re not prepared for that level of responsibility, then renting might be the better option right now.
Condos vs. Houses vs. Apartments
Condos are a great option for first-time homebuyers or those who want the benefits of homeownership with none of the major commitments. You won’t have to take care of maintenance or arranging trash pickup services and other tasks. And you can customize a unit the way you want, whether it’s changing paint or light fixtures or converting a room into an office.
When renting an apartment, you’ll be able to benefit from the responsibilities handled by your landlord but may lack privacy and exclusivity as apartments are community areas.
For those looking for full creative freedom and who don’t mind the burdens of homeownership, go for buying a house! Ultimately, it’s all up to your preferences and how much you’re willing to commit to your living situation.
How to Purchase a Property
When you’re ready to buy a home, you’ll need to shop for a mortgage. First, it’s important to know what kind of mortgage you’re looking for. There are fixed-rate mortgages, adjustable-rate mortgages, and jumbo loans, among others. Once you’ve decided which type of loan is right for you, it’s time to start shopping around. Be sure to compare interest rates, fees, and terms before settling on a lender.
Remember that the mortgage process can take several weeks to complete, so be patient and give yourself plenty of time to get everything in order. Be sure to work with a great Realtor like Sandy Stinson who can keep you informed and guide you through the process.
Buying to Live in or Rent Out
This may not be your first property. In fact, you may be trying to decide whether to purchase a new home to live in or rent out as an income property. Or you’re trying to decide whether to sell or rent out your previous property. Investment properties require a lot of money even if you get a good deal on a property. Remember that you’ll now be responsible for repairs on a tenant’s home in addition to your own, along with other taxes.
Landlords can benefit from officially forming a business because, depending on the structure they choose, the formation can provide benefits such as personal liability protection, potential tax benefits, and a more professional image for the rental property business. .
Location vs Amenities vs the Rest
Whatever property you end up going for, it’s what’s inside the property that counts. Some specific qualities you may want in your living space include the number of bedrooms, bathrooms, and overall square footage. Accessibility might be another factor, as well as a big backyard and a home that receives a lot of natural light.
Next, consider the outside of the home. What are you close to? And what do you want to be close to? Some people may value parks and green spaces like bike trails, lakes, and state parks, especially if they have a family or pets. For others, proximity to gyms, restaurants, grocery shops, and cultural events will be critical.
Choose the Right Property Situation
We all want a good deal on our living situation. But with factors like location, condition, amenities, and more at play, you’ll soon realize that there’s a lot more going on here than just price. Looking at potential homes is an exciting experience – so don’t let it get you down. Keep referring to your personal checklist and remember your non-negotiables, and when you’re ready to buy, start shopping for a mortgage!
Contact me for more information on your next real estate transaction.