Make sure you can afford your choice. by Natalie Morrison, Realtor, GRI, SRS, RENE, CTA R eal estate is an extremely large word. From purchasing land to purchasing homes, established pieces of real estate, verses new development. Do you want to own? Do you need to rent? Lease or buy? Maybe you are an investor. It’s big decision. Right? But which one is best for you? Are you someone who moves around a lot? Maybe your job relocates you often? Do you travel a lot and the grass doesn’t grow under your feet? Then renting is a great choice. Sometimes the need to rent is justified because someone is in the process of rebuilding their credit score and qualification to purchase a home. This is a fantastic option for anyone in these situations. If choosing to rent is your only option, proceed with caution. Not all rents are the same. There should be a lease agreeing to establish price and deposits but also the term of the lease. What utilities are paid for by the owner or the tenant. Who is responsible for maintenance. If there is a possibility of terminating Reynoldsburg Magazine • Fall, 2021 the lease early, be sure to understand the lease break fees. Are pets allowed and what fees do they charge for them. Some rentals include amenities like a club house, pool, and fitness. Break down the lease and expenses so you are sure to stay within your budget and lifestyle. Let’s look at the long-term goal. Anything 12 months and longer would be considered longterm. It’s an investment. You are putting down roots and you are building equity. Every mortgage payment made is paying down your principle balance and increasing your equity. When the housing market is growing, you are also building equity because the comparable sales are growing around you. Many people feel home ownership denotes stability. It’s a sense of accomplishment and independence. If you are thinking of buying, do your homework. Purchasing a home is often the largest purchase someone will ever make. Consider the tax benefits and flexibility to modify the home 9 with renovations and updates. Also calculate the costs to maintain the home, repairs, lawn care, and more. When purchasing a home you will need to review your finances with a lender to make sure you qualify for the mortgage, but be sure to include the above mentioned maintenance expenses as well. Home ownership is rewarding but you want to make sure it fits your budget not just what a lender says you qualify for. When making the decision to rent or buy, be sure you can afford your choice and you are considering all aspects. Knowing your timeline and goals will put your decision in perspective. Natalie Morrison is owner of The Natalie Morrison Group at E-Merge Real Estate. She is also involved in Reynoldsburg High School tennis.
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