Should I Buy or Rent in 2022?

The decision to buy or rent is one every prospective homeowner must ask themselves. In fact, it’s probably one of the first questions discussed when speaking with a realtor. While the answer to whether you should buy or rent is ultimately up to you, we can guide you through some questions for you to consider when making this decision.

How Long Do You Plan to Stay in the Area?

If you’re buying a home, chances are you’ve decided you’re going to be living there for more than a year. If you use this rent vs. buy calculator, you can assess how long you would need to live in a home for buying to be cheaper than renting.

What Is Your Monthly Estimated Mortgage or Rent Payment?

There are a lot of factors that can contribute to a higher mortgage payment, including Homeowner’s Association fees, taxes, insurance, home price, etc. While interest rates are currently at historical lows, the other expenses for your mortgage may make renting the cheaper option.

On the other hand, while rent may be cheaper initially, the landlord renting you the property can increase the monthly payment later, which may leave you in a situation where you can no longer afford living in the home. Mortgages offer more flexibility by allowing you to refinance and can be a source of equity.

Can You Afford the Cost of Upkeep?

One of the biggest benefits of renting is that when something breaks, the landlord is responsible to fix it. Once you become a homeowner, you must pay to fix it yourself. In fact, according to a survey by Home Advisor, homeowners can spend over 7,000 dollars repairing a home in the first year.

We hope by considering these questions you’re able to make the right decision for you on whether to buy or rent. If you need help finding the right home, contact Relocate Tampa Bay by phone at 855.939.0813 or email at info@relocatetampabayfl.com