Having a home you can call your own has long been part of the American dream, but not everyone is ready for the responsibility of paying the mortgage. Also, the unstable economy and housing market, as well as the rising prices of real estate property, have made renting less expensive in many places, including here in California.
While there are a lot of pros and cons in buying and renting, and the decision ultimately boils down to your decision, there are a number of telltale signs you should keep renting.
- Lack of Savings
Low down payments and monthly mortgage rates are always good reasons to buy a home, but if you don’t have enough for an emergency fund, or if buying a house would drain your savings account, you’re probably not ready yet.
Homeownership comes with a number of responsibilities and expenses. It’s in your best interest then to make sure you have enough money to pay not just for your mortgage and living expenses, but home repairs and other incidentals as well.
- No Plans of Settling Down
Signing a mortgage means you agree to pay every month to own that house. This is great if you have a stable job. But if you have no concrete plans of settling down or staying in the same company for the next couple of years, it might be best to wait.
You should think of job security first before jumping into home ownership. Better job opportunities may open up for you, but could have you moving around the country with very little notice. If you’re not sure where you’ll be in a few months or years, it’s probably best to keep renting for now.
- Fear of Ownership
We all have to face our fears sooner or later, but if the thought of owning a house makes you very nervous to the point of having anxiety attacks or it bothers your sleeping, you might be better off facing that fear later.
Maybe you’re not too sure if this is the right time or the right house, maybe you worry about being tied down to one locale, or maybe taking on a long-term responsibility, such as a mortgage is making you queasy. Before you dive into ownership, it might be best to figure out what’s really bothering you.
If you’ve decided that renting is your best option for now, get in touch with us and we’ll be glad to help you.