There are many reasons to buy a home for you to live in. Any financial advisor will tell you so. But there are some reasons that maybe home ownership is not for you. We’ll go over those and you can decide if they apply to you.
Situation #1: If you have a job where you are often transferred to another location in the country, renting probably is better for you.
Situation #2: You don’t care about throwing away your money, building someone else’s wealth, instead of building home equity in an investment, renting is perfect for you.
Situation #3: Being in charge of home maintenance is just not your thing, as in you want to call someone when something breaks. Renting probably works best for you but there are options even if you own your home.
Situation #4: You’re not good with paying bills on time, renting is your ONLY choice as you’ll never get financing for a mortgage. And even renting might be difficult.
Situation #5: You prefer mom’s home cooked meals. Well maybe she could move in with you.
As you see there are some legitimate reasons to not buy a home but these days there are options that can still work in some of these situations.
With #1 it just depends on the job and if that is more important than home ownership, and #2 is acceptable. If you know you’ll eventually settle in one area, you could bu
y a home and rent it out when not based in that location. In that case you are on the receiving end of #2.
If #2 is your choice, landlords will love you.
With #3 Many people don’t like that they are in charge of home maintenance but there are options for them. If you buy a condominium, you will only buy the inside and the association will maintain the exterior, but you do pay a fee for that. Another option is there are service or home warranty companies that for an annual fee will come do repairs as needed for a set or discounted amount.
#4 is a credit killer. And without credit you’ll never have a chance to buy a home. If you are serious, you’ll need to pay all your bills on time for at least a year. And you might qualify for some rent-to-own options, but even then, your credit needs to be clean.
#5 So you don’t like to cook and mom’s the best in the world for you. It’s not uncommon these days to consider multi-generational homes, where parents live with their children and grandchildren. These homes often have a guest suit or in-law’s quarters. You get mom’s cooking and a built-in babysitter.
As you see in the chart, home values continue to climb. If you’re just not sure we’re here to help! We’ll be happy to meet with you one on one and discuss your personal situation and see what your best options would be. Sometimes that’s a long-term plan and we’ll help you every step of the way. Call or text The Derrick Team at 317-563-1110. We work 7 days a week, evenings too.