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Signs You’re Not Ready to Buy a Home and the Benefits of Renting

benefits of renting

Does it seem like half of the people you follow on Instagram are posting pictures of their new homes? Perhaps a cat sitting on a velvet accent chair, a new plant near the window basking in the sunlight, or a before and after collage of all the renovations they’ve done thus far. The desire to achieve a similar status can be easily contagious the more you scroll down their feed, eyeing every photo that pieces their journey of homeownership together and being careful not to let your thumb hit the little heart icon.   

Before you jump on the wagon consider this — there’s no denying that becoming a homeowner is a lifetime achievement that comes with a celebratory popping of champagne, but what those perfectly angled, filtered photos don’t reveal is all the financial responsibility and meticulous decision making that goes into buying a home.

If the itch of homeownership is a daily nuance, it’s best to explore whether you’re in the position to buy a home in the first place. Your quest shouldn’t be complicated. These are the common signs that suggest you’re not ready:

You’re likely going to move within five years or less.

Knowing you’ll be moving in less than five years is one good reason not to buy a home. The process of buying a home takes time and if you’ll eventually be listing it before the five-year mark, why bother?  

You don’t have a down payment saved.

Most lenders require a minimum 10% down payment but it’s always best to aim for 20%. If you don’t have 10-20% saved, avoid buying a home. Anything less will come with a high interest rate.

You’re not in love with the homes you’ve seen.

New homes get listed every day. Finding one that meets your needs and desires won’t be easy but if you haven’t found one that you absolutely love, it’s best to keep looking.   

Instead, consider the benefits of renting until you are ready

The photo ops can wait. There’s no need to rush into buying a home when you’re truly not ready. Renting a home as you decide whether El Paso will be your forever city, save for a down payment, and attend more open houses, is the best thing you can do. Renting has its own set of benefits that homeowners might be missing this very minute. Here are a few of them:

Ability to save for vacations.

A low rental rate means that you’ll have the ability to set aside money more easily. Instead of jumping into homeownership, you can be jumping into a ship on your way to the Caribbean.

It’s much easier to pick up and leave.

Chasing after your dream career? Renting gives you the ease of picking up when you get that amazing offer in a different part of the country.

You won’t have to worry about maintenance.

If there’s one thing that takes the cherry of renting vs. buying it’s not having to worry about maintenance. Maintenance comes in many shapes and forms, from a broken pipe to a faulty heater, but as a renter, you won’t have to deal with any of those troubles. Your property manager will be but only a phone call away.   

Find Your Perfect Rental With the Help of Vision Realty

If your goal is to eventually own a home, we completely understand the sentiment — it’s a lifetime achievement that we should all strive for; however, if your lifestyle doesn’t match that of a homeowner, that’s okay! Renting a home can be just as favorable. In many cases, renting a home gives you more freedom and less hassle.

When you need assistance finding the perfect rental in El Paso, give us a call. At Vision Realty, we’re committed to helping El Paso residents find a rental home in their ideal community and location. With over 25 years of experience, we have the knowledge you need to secure a rental that meets your needs. Connect with us today to learn more.

Posted by: visionrealty on December 12, 2018
Posted in: Uncategorized