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Should I Buy or Rent?

boise-home-2_400How do I know if buying a home in Boise is the right decision for me?  What are the factors should I consider whether I should finally bite the bullet and buy my own home?  If you have been asking yourself these questions, then you are not alone.  There are so many factors and with the housing market experiencing huge declines, it can be very scary.  Here are some things to consider to help you make your decision a little easier.  

Top 3 Factors whether buying a home is right for you:

How long to you intend to stay in the home. This is really important when making the key decision to buy or rent.  If you really are not sure of your future plans in the next few years, it is safer to rent.  However, if you are not likely to be moving, then buying can actually be cheaper than renting, particularly in the current Boise housing market where currently rents are increasing and the housing prices are remarkably affordable.  In fact, in many cases, your mortgage payment may be less than the monthly rental payment.  Plus, you may have some tax advantages.

Home in BoiseDo you have good credit?  If you do not have a good credit history of paying your bills on time, then getting a home loan is more difficult and can be much more expensive.  Do you have a stable job? Are you reasonably assured that your job is stable or can quickly find another job if you had to?  If not, getting into a long term financial commitment with a house payment may not be the choice for you at the time and renting may be the better option.

Do you have access to money for a down payment, closing costs and unexpected repair expenses as a homeowner? If you have difficulty saving money with every paycheck do not have any money set aside, then it would be difficulty to come up with a down payment and closing costs.  Or if you are fortunate enough to be able to buy a home with no money down, but you are not accustomed to putting money aside every month, then you could get into trouble if there are any problems with your home.  There are many things in a home that could break or need repairs.  If your furnace breaks in December, would you be able to replace it?  Obviously, you cannot plan for every contingency, but being a homeowner has a certain level of responsibility attached to it as there is no landlord to call.  

Should I buy or should I rent my Boise home?  That is the question and after careful consideration, you can make the best decision for you.  If the time is not right for you now, you can plan for the future when your lifestyle will better support owning Boise real estate.  Boise homes for sale are currently affordable and interest rates are low.  Are you in for the long haul?  If yes, buying Idaho real estate may be just the solution for you.

Kevin Hughes

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