ReSET Blog
Blog · September 01, 2021 · AUTHOR: Noma Mathembisa

Rent or Buy? How to Make the Most of your Living Situation

Real estate is big business for everyone; whether you're buying or renting, it's important to consider the pros and cons to figure out what works best for you.    

From finance to lifestyle considerations to stability, there are quite a number of elements to consider before taking the jump of either buying or settling in the flexibility of renting. 

Let's take a look at five factors to consider when deciding whether to buy or rent your home. 

1. What is your credit score? 

With 71% of America's population not being able to afford to buy a home, it is no wonder why purchasing a house is thought of as the creme de la creme. Your credit score is one of the determining factors when it comes to making your decision, sometimes the decision is made for you by your credit score. 

But not to worry, with home loan options and ways to better your credit, there are means to purchasing your dream home.

2. Future Goals 

Two words: personal and career. Goals in these two sectors can align your thoughts in your decision-making process.  Your personal goals allow you to direct your lifeline which includes whether you'd like to get married and settle down, or you'd consider yourself a Nomad and travel the world. Your career goals determine whether you're willing to relocate for your job, you're planning on planting some roots and staying at least five years at your current job. These two goals in unanimity can help decide what is a better option.

3. Affordability 

When it comes to affordability, there are different measures to examine where you stand. Are mortgage payments, property taxes, mortgage insurance, home maintenance feasible with your current financial structure and financial goals? Or are lower utility costs and no down payment but no long-term investment more your vibe? 

4. Real Estate Market 

The market can impact your buying or renting decision. Researching the market history and forecast of the area you'd like to purchase in, can assist with seeing if it's the right time to make a purchase or not based on your wants, needs and goals. 

5. Creative much? Remodeling and Renovations.

This is one of the last things people think about when making the decision to either rent or buy.  Being a homeowner allows you creative control of your property. You can alter the property, including décor changes, landscaping and renovations, to suit your energy and style. With renting, you are limited to fully turning your house into a home, but then again, this doesn't matter much when you live for recreating yourself in another apartment in 13 months time. 

These are just five of the many factors to consider when choosing between buying or renting, ultimately it all comes down to your current and future needs, wants and goals. 


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