There is plenty to think about when deciding whether to buy or rent. If you are renting an apartment in West Columbia, SC and are considering renewing your lease, here are some reasons why it is smarter to keep renting.
1. You aren’t going to stick around
The top reason you shouldn’t buy a home is if you have an uncertain future, or even know that you will be moving to a new location in a short amount of time (under five years is a good general rule). If you don’t know where your path is headed next or want to be open to accept new opportunities, it might not be a good idea to commit to a mortgage, just to worry about selling the home in a matter of months. Plus, with all the upfront costs associated with buying a home, you could lose more money in the long run.
2. You don't want the responsibility
Having a landlord who takes care of all your home’s upkeep is a huge advantage of renting. Maintenance is a big part of homeownership and if you don’t feel up to the challenge, you may want to stick to renting and maintain a clear line of communication with your landlord.
3. You need to build your finances
Many people hold off on buying a home because they aren’t financially ready. If you need more time to save up for a down payment or want to improve your credit score so you are in better shape to qualify for a mortgage, you may want to keep renting until you are financially ready. You can check two of your credit scores for free every month on Credit.com so you can track your progress.
4. You have other financial priorities
Maybe you are focused on building up an emergency fund or saving for retirement. Whatever your financial priorities right now, if using a big chunk of money as a down payment doesn’t align with them, you might be better off waiting.
5. You want a nice neighborhood
Renting can sometimes allow you to live in a better neighborhood than buying would. Perhaps you can buy a home but it would be in a less than desirable school district. You might decide that it’s better to wait until you can afford to buy a place where you actually want to live.