This is an age old question in our business. Should a person continue to rent, or should they own real estate. Everyone that has a desire should pursue ownership, however we realize that not everyone is equipped to sustain the ownership of real estate.
There are a couple of questions you must ask yourself:
Are you financially responsibility? We feel the biggest indication that you are ready to own real estate, (or own more real estate) is your ability to continue to save money. If you are unable to save money, you may not be in the most ideal condition to sustain home ownership. Having significant savings alone, can overcome almost any objective/problem that a lending process would incur.
Do you consider yourself an investor? All Real Estate is an investment. The value of your investment may lose value. It does not matter your strategy for ownership. You can purchase a home for yourself. You can purchase rental properties to hold them until you pay them off. (buy and hold) You can fix and flip properties for profit. Regardless of your commitment to the investment, you are putting a sum of money at risk. Historically, your investment in real estate will likely increase significantly in value over time. In some cases; rapidly. However, if you don’t consider yourself an investor, then owning real estate may not be the best option for you.
If you can answer these questions honestly, then you will know with certainty if you should rent or own.
A common hurdle that causes some buyers to delay is that their lifestyle exceeds their budget. We are not referring to those who can’t afford ownership. We are talking to those of you who could, but delay because you are unable to afford what you desire. There is nothing wrong with holding out for your dream home. While you are waiting, we would challenge you to consider the following:
1. Life is uncertain
2. You can use real estate as a an equity investment on a future transaction
3. Opportunities always present themselves, but in the future, will you be in the optimal position to take advantage of them?
4. Life is uncertain & repeat
If you CAN own then you should own. Even if it’s not the roof over your head. Everyone that can should participate in the American Dream in some way! For more information about purchasing homes for residency or profit, our team is ready to guide you to a property that fits your future investment goals.
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