After college or high school, there is nothing more exciting that renting that first apartment or house, leaving your parents and having some freedom! Renting is usually that step you make before buying… but when is it the right time to make that transition? You have heard NOW is the time to buy; that may be true for a lot of reasons and for a lot of people. Here are some things to think about when deciding if the time is right for you!
Buying may make sense if you…
- Have reliable income, usually 2 years on the job, decent credit and a checking and saving account in good standing
- Are planning on staying put for at least 5 years
- Have enough income that you are able to save each month after bills and rent are paid
- Want to build equity, and have some tax deductions (talk to your accountant for details)
- Are already maintaining and making repairs to the rental you are in!
Renting may make sense if you…
- Are in a temporary job, or between jobs
- Have a career that may cause you to move frequently
- Do not have time or the desire to make repairs or maintain the property
- Your living needs will change in the next couple of years; you will need more or less space
- Have a tight fixed income that doesn’t allow you to save
- Still need to build credit or starting a new career
If you’re unsure, sitting down with a Real Estate Broker may be what is needed to make that decision. At Maine Source Realty, we can help educate you on home ownership, so you can decide if it is right for you! Call us today at 207-333-6001!