Renting vs. Buying A Home

There often comes a point when many realize that maybe throwing rent money at our landlord isn’t the best way to spend our money, but instead, we want to live the American dream and become a homeowner.

But owning a home as we all know, can be a big responsibility.  When it comes to buying a home, there are several personal factors you should consider, like income, location stability, and commitment.

Renting a Home

Renting a home is relatively easy, as long as you as you have good credit and first and last month’s rent or whatever the landlords are asking for. And, there are lots of benefits to renting a home too. For example, you typically don’t have to worry about yard upkeep or if something like the garbage disposal breaks you can just call the landlord, and they should come out and fix it right away. These are great pluses to renting, but then again this also depends on how good of a landlord you have. In a rental you are typically only allowed to add furniture to the home, and which means you pretty much have to live with that ugly orange color on the wall or that old stove. Which for those who want to make a home their own, is not a fun experience.

Buying a Home

Buying a home as we all know can be a big investment and a time commitment, and it’s all on you. There is also coming up with the down payment and the whole closing process. But the big positive is you get to put your own stamp on your home, and truly make it exactly how you want it. You are the king or queen of your castle. Also, putting that extra time into your own home gives you a new sense of appreciation for all the hard work you put into it. We mentioned down payments earlier but also nowadays there are ways to buy a home without having a large down payment.

What's Right for You

Before you go running out the door, be sure owning a home is right for you. Decide if you are going to be in that town or city for longer than a few years and if you’re not, then it’s worth it to keep renting. But if owning a home is a dream, then we say go for it! Just note the longer you stay in a purchased house, the more likely the value of your home will go up, which can also offset the costs of all the home purchase fees at the beginning. If you are still deciding and the research that you’ve done home buying is still unclear, then we encourage you to speak to a Galaxy lender, we can help give you a better understanding of how the buying process works. Having a great lender can make the whole buying process easy to understand and stress-free.

Speaking to a Galaxy Loan Officer can also help you decide what’s best for your budget and help you find the best loan for it too. Galaxy Lending even offers a current loan rate to help figure out what your payments would be and what each of the costs would be. So if you are thinking about making the leap to homeownership, give Galaxy Lending a call and let us help you find the best loan for your budget.