If you’re looking for Westerville Ohio housing, you have two real options available to you. You can either purchase your new home, or you can opt to rent a home. Both options offer advantages and disadvantages. Ask yourself these questions if you’re trying to decide between buying and renting.
Are You Planning On Settling Down In Westerville?
If you’re not planning on staying in the Westerville area for very long, renting is a much better option. If you rent, it will be much easier for you to pack up and move to a new place. Once your lease is up, you won’t have to stay in your home or apartment.
However, if you’re interested in settling down in Westerville, buying could be a wise option. You won’t have to worry about your landlord raising your rent or changing the term of your lease. You’ll simply be able to enjoy life in the home that you have purchased.
Are You Interested In Doing Renovation Work?
Most landlords won’t allow you to do any renovation work on properties that you are renting. In many cases, you may not even be able to do something minor like paint the walls of your home.
However, if you own your own home, you’ll have complete freedom when it comes to interior and exterior renovations. As a matter of fact, spending money on renovations could wind up increasing the value of your home. Renovations can give you more home equity, which could entitle you to a home equity loan. Common renovations that increase the value of your home are:
- remodel the kitchen
- upgrade the master bathroom
- replace major appliances
- replace your Westerville roof
Would You Spend More On Rent Or Housing Payments?
Which is going to cost you more: your rent, or your monthly housing payments? Spend some time crunching numbers so that you can see what the cheaper option is.
When you’re comparing your options, you need to make sure you look at all of your expenses. You shouldn’t just consider what you’ll be spending on your mortgage payments. You should also think about what you’ll be spending on property taxes and utilities if you choose to buy.
With that said, you should also look at how you’ll save if you own your own home. If you rent, your rental payments will go to your landlord. You won’t see any long-term benefit. However, if you buy, you’ll have a piece of property that you can sell in the future. The money you put into your house will ultimately be an investment for you.
Have You Considered Transaction Costs?
As mentioned above, you need to look at all of your costs when you’re trying to decide between renting and buying. One of the main costs you’ll have to look at is transaction costs. Don’t ignore closing costs, home inspections, and other transaction costs when calculating expenses.
How Much Home Can Your Money Buy in Westerville?
Before you make any decisions, you may want to get pre-approved for a home loan. Once you know how much you can spend, you’ll want to start looking at some of the options that fall within your price range.
You should see what kinds of homes are affordable for you. Are these homes in line with your expectations? You may want to compare the kinds of homes you can buy with the properties available to rent. Think about the kinds of properties you’d be happier living in. The best way to compare homes would be to gauge the value with price per home square foot. When you compare this to each house, take in consideration the condition of the property and the location, you get a good idea of how much house you can buy.
Have You Considered Your Own Feelings?
You can’t just rely on numbers when you’re deciding where you want to live. You also need to consider the emotional component of home ownership in Westerville. Are you drawn to the idea of putting down roots? Is owning a home something that you have always dreamed of?
While you should see if buying a home would be a smart investment for you, you should also think about whether or not you’re emotionally ready to buy your home. If you rely on the facts and your own feelings when making a decision, you should be a lot happier with the choice that you make.
At the end of the day, only you can decide whether you’d be happier buying or renting. You should try to look closely at your Westerville Ohio housing options so that you can make the best possible choice. Whether you wind up purchasing a home or renting one, you should be happy with the home that you live in.