If you’re in the process of looking for a new home — maybe you’re moving to a new area or you’re just getting your first place — making the decision to either buy or rent is a big one. You’ve probably heard people say that buying a home is a good investment, and it could be, but there’s much more to it than that. In today’s post from Summerwind Apartments in Garner, we want to discuss some of the things you should consider before making your decision to rent or buy. Keep reading to learn more.

Do You Have Enough Money?

The first thing to consider is how much money you have to spend. It probably goes without saying that buying a home is a significant investment. The down payment alone is likely to cost you tens of thousands of dollars. Some people may think they’re prepared to buy a home, having saved up the money they need for a down payment, but the fact is they often forget about all of the other costs involved. 

For instance, there’s the home inspection, appraisal fee, and closing costs. Don’t forget about home insurance and one that can really be a surprise — HOA dues. If you’re buying a home that is part of a homeowners association, you’ll want to know upfront how much your dues will cost. In some neighborhoods, it can run a thousand or more dollars per year. This is in addition to your monthly mortgage payment. It’s easy to see how the costs can really add up when you decide to buy a home. We’re not saying that you shouldn’t do it, but it’s important to be well-informed about what you’re getting into and carefully assess your budget ahead of time.

Which Is More Important To You — Flexibility or Stability?

If you’re thinking about buying a home, have you ever stopped to consider why? Is it because your friends and family think it’s a good idea? Or maybe it’s because you’ve heard that when you rent, you’re just throwing your money away? Whatever the reason, make sure that you’re not just jumping into homeownership because you’re “supposed to”. Homeownership and apartment living offer very different living experiences and neither one is better than the other — it just depends on what is right for you and your particular situation. 

For instance, if you like the thought of being able to travel more, enjoying more free time, or having the flexibility to pick up and move to another location rather easily, then apartment living is for you. You might be ready to settle down and purchase a home because you’re ready to raise a family, or you see yourself staying in a particular area for many years to come. That’s great — just keep in mind that renting an apartment beforehand can be a wise step — especially if you’re moving to a new location. This will allow you to get to know the area first before committing to a particular neighborhood. 

Many people prefer apartment-living because it offers flexibility that you just don’t get with a house. You don’t have to worry about maintenance like mowing the lawn or weeding the garden. You also won’t have to worry about having to cancel plans at the last minute because the water heater just broke. This type of freedom just isn’t possible when you’re the person responsible for taking care of everything. With an apartment, it’s like having your own personal gardener and maintenance staff available to you 24 hours a day!  

What Are Your Future Goals?

Another big factor in choosing whether or not to rent or buy is your future goals. Do you see yourself living in a particular area long term? Are you well-established at your job, or are you considering a change? Are you just starting a family, or are you saving for an engagement ring? No matter what your situation is, it’s important to consider how your hopes and dreams may be affected by your choice to rent or buy. Keep in mind that if you’re not quite sure, it’s always easier to rent for a few months until you figure things out rather than be stuck in a huge commitment that you’re not quite ready for. 

Make The Choice That’s Right For You

At Summerwind Apartments in Garner, we may be a little biased about apartment living, but that’s because we love our community and do everything possible to provide our residents with a place they love to come home to. However, we know that when it comes down to it, only you can make the decision that’s best for you. 

If you’re considering a move, we hope this post has been helpful. And, if you’re looking for apartments in Garner, we hope you’ll give us a call or stop by to take a tour!