Columbus, Ohio Housing: Should You Buy Or Rent?

Columbus, Ohio Housing: Should You Buy Or Rent? 2018-06-05T19:08:20+00:00

Buy or rent a home?

When you are looking to finding a new place to live, you have many different options. One of the big choices that you will need to make is whether you want to buy or rent a home in Columbus Ohio. There are many factors that will play into your decision so it is important to give plenty of thought to the choice you end up making. Continue reading this helpful article to help you decide which route you want to take.

How long will you live in Columbus?

First of all, you should think about how long you plan to live in the house. By doing this, you will be able to make the decision as to if renting or buying is right for you. If you are planning to stay in the house for a few months or a year or two, you may decide that renting a home is the right option. Or, if you plan on living in the house for 5 years or more, buying may be exactly what you want to do. If you’re not sure but you have the funding available, you could own for a short time and begin to build equity, instead of renting.

Do you have the financing available to buy a home?

Speaking of which, you should consider your finances. In order to purchase a home, you will need to meet certain financial criteria, including a clean credit report. You can obtain a free copy of your credit report once a year and it’s a good idea to look at it and make sure that all of the information is correct. If not, you can contact the credit reporting bureau and share the correct information. It can take some time due to this so it is a good idea to start months in advance of when you begin searching. Also, with purchasing a home, you will need a down payment, closing costs, and additional financial obligations. This is all important to keep in mind when you are choosing whether or not to buy a home in Columbus.

Along with the financial criteria for purchasing a home, you will also need to go through the loan process if you choose to buy. This can take several weeks from the time you find the perfect property. If you are looking to move into a new house quickly, buying may be something that you consider a little later down the road. However, if you have the financial means and don’t mind waiting, purchasing a new house might be the best option for you.

Roof after a repair has been completed

 

Are you able to invest money in your new Columbus home?

One thing many new homeowners fail to realize is the investment that is required to maintain and upkeep a home. Whether that be time keeping the interior clean or the money you need to spend to hire a roofer in Columbus when you have a leak, you have to invest in your home to get the most out of it. There was a story about a person who bought a home but the screws in the front door were a little loose. They were all there but a little loose. If you don’t know how to use a hammer and screwdriver, and you are used to calling a landlord and having them fix minor things or catch a mouse that happens to get into your place, you should think again before buying a home. If you do buy, you’re in for a rude awaking about what it means to be a homeowner.

Renting in Columbus maybe be a better option

Renting a home is something you can usually do for a lot less money than it takes to buy a house. Typically, in order to get into a rental, you will need to put a deposit down. It may be around the price of one or two month’s rent. Also, you might have to pay to have the utilities turned on, which is something you will also have to do if you purchase a house. Then, with a rented home, you may have to sign a lease that will require you to stay in the house for a certain amount of time. And depending on who you rent the house from, you typically will not have your credit checked.

Another thing to think about is your future. How stable is it? What plans do you have? The more stable your future is, the more likely buying a house will be a good decision. However, if you find that you are not sure what you want to do with your future and it is not very stable, you may find that renting is the best choice for your situation.

You will also want to think about what you want in a home and how easy it is to find in a rental house in Columbus versus buying a home. For instance, if you want to live in a certain part of Columbus, you may only be able to find one or the other. This means that you will need to consider your wants and your needs in order to help you determine whether you should buy or rent a house.

As you can see, when you are looking for a house in Columbus Ohio and aren’t sure whether renting or buying is the best choice, there are some different things that you will want to keep in mind. There are pros and cons to both and giving plenty of thought to your current, past, and future.