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Renting Versus Buying: Questions You Need to Ask About Both

The world of real estate is quite vast and there are always a million sorts of options to stare at before making your mind about a particular piece of property. Despite all that, the choices eventually boil down to two: rent or buy? Before such a decision is made, of course, it is important to get your ducks in a row.

In order to achieve that, there are several questions you should be asking regarding both. Actually, there are certain questions which you can ask that suit both. Let’s get down to the heart of it with today’s discussion:

What Is Your Budget?

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Budget is an ever present factor for all sort of financial decisions. If you have a limited budget, buying a house isn’t exactly an ideal situation for you—especially if you are thinking of getting a loan. You mustn’t take in a loan that’s going to cripple you down the line.

If you budget is sufficient to pay a steady stream of mortgage, there should be no reason why you shouldn’t be looking into getting a house permanently. Your budget may always change from one year to the next so it is always best to have financial literacy and make proper plans to be able to secure better choices for yourself.

What Are Your Plans for the Next Five Years?

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When it comes to making plans about your housing situation, it is best to look at it in terms of five years. Do you see yourself still in the general area in the next five years? If the answer is yes, you may want to consider what’s cheaper for you in the long haul: buying a house or simply renting one.

If the answer is no, then there really isn’t any feasible reason why you should take on something as fixed as a house with payments that can literally take decades to complete. If you cannot foresee what your life is going to be like within the next five years, we suggest that you take a good long look at your present path and determine where you do want to be in the next few years.

What Is the Size of the Family?

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Normally, people who focus on buying a home either already have families or are planning on starting one soon. If it’s just you, would living in a house with several rooms be something you’re comfortable with?

We’re not saying that singletons cannot purchase a house. You certainly can. You merely need to make sure that you will be able to shoulder all the payments on your own and still leave extra for your other needs. Buying a home is generally ideal for couples and families as there is usually two people who can be the source of money coming in.

What is Your Lifestyle Like?

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Lifestyle should always be considered when it comes to choosing whether you are going to rent a home or buy one. If you’re the type of person that likes to move around a lot, it makes little sense to tie yourself down to a house that you need to pay for. Renting seems to be a better option—provided that your lease contract allows you to get up and leave whenever you choose to.

If you’re more of a cozy homestead kind of person, buying a home would definitely be a good option for you to pursue.

So that’s that! We hope that today’s questions help guide you toward your final decision on whether or not you’re going to rent a home or buy one. If you are considering either, don’t forget that Arcandor is always ready to help you with any sort of real estate conundrums or goals that you are trying to obtain. Are you presently renting or buying a home? What questions did you ask yourself before settling down to your final decision?

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Who Should You Have in Your Corner When Viewing Real Estate?

The time to look at real estate properties can be a really exciting time. Before you let all the excitement get to you, it would be really important to have the right people with you. At such a crucial time in your life, it is quite important to be aware of who can give you the best sort of advice when it comes to property that you are looking at or considering buying.

Let’s take a look at who they are:

Your Spouse

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If you are buying property to be your future home with a spouse, it is ideal that they are with you during the house hunt. This way it would be easy to critique the suitability of the property for both your tastes. A future home, after all, should carry a good blend of both your preferences—not just one.

It is usually best to avoid seeing a future home with a family member like a parent or even an in-law. It is often best to choose a home without the—let’s be frank about this—judgment and meddling that family is famous for doing.

A Trusted Engineer

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If you are looking at any home—whether it is brand new or not—it is very important that you have an engineer look it over. They have the expertise that is needed to fully determine the suitability of a place, its strengths, and its weaknesses.

They will be able to give you a frank appraisal of the place and if you can trust them, you know that their advice is honestly worth more than gold in the long run. We have seen a lot of buyers approach us with complaints that they had simply gone by the word of the seller and ended up having to come out of pocket significantly for repairs.

Real Estate Lawyer

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If you are already quite settled in a piece of property and are looking it over once again, it would be wise to bring a real estate lawyer with you to ask the seller or the broker important questions about the property.

They’ll get a better handle of any issues that the property may have and if the seller tells your lawyer anything that is untrue, that would be a pretty good insurance policy for down the road.

Your Chosen Broker

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Looking over a piece of property with your chosen real estate agent is often a good idea. If you have contracted one from a real estate firm, for the time that they are assigned to you, they must do their utmost to serve you best.

If they’re taking you to see properties that have their in-house lawyers they can find out things about the property by listening to the listing. Brokers often have an ear for what is not being said and what is being covered up by polite jargon.

With that, this wraps up our discussion about the people you should have with you with looking over any sort of real estate. While we’re not implying that you should have them all with you at all times, we hope that this information finds you well and comes in handy. Have you looked over real estate before? Who did you take with you for the task?