It seems like in today’s property management market, I always get people asking if one of our properties is also for sale or “rent to own.” It seems like most are going back and forth from either renting a home or buying a home.
If you are going back and forth between renting and buying, here are some of the best tips our Indianapolis property management company has come up with for making the big decision:
1. Have you lived in the same city and plan on living there for at least 5 more years?
If so, you should probably go with purchasing a home. But if you move around a lot because of your job or even because of boredom, then renting is your best option.
2. How stable is your employment/income?
If you haven’t been at your job long, you may want to rent. Either way, you’ll have to come up with a monthly payment. But with renting, it is much easier for you to relocate to a cheaper place at the end of your lease.
3. Are you a fixer-upper or would you rather have things done for you?
If home improvement makes you gag, you’re best off renting. Landlords and property management companies will take care of all your at-home woes. But if your real desire is to completely transform the home you reside in, you probably should buy if you can financially.