There is a lot to unpack when asking how long you can afford to rent a home. Today we look at the pros and cons of renting a home versus buying a home.
Can you afford to rent?
So, how long can you afford to rent a home if you are under 30?
Here are 3 top things to consider for the under 30 crowd from moneyunder30.com:
- Unless you’re confident you’ll stay in your home for at least four to five years, rent
- If you’re financially ready and you find the right house, buy
- If you don’t want to be a homeowner, rent
Stop Renting and Buy a Home Over 40
Undoubtedly, there are advantages for building credit by waiting until you’re in your 40’s to buy a home. And, by then you will be better at budgeting too. There are as many as 40 reasons to buy a home if you are over 40! To learn more just click here.
Home Buying Over 55
Lastly, but not least, if you are over 55 you may already own a home. At this point you may be thinking of downsizing. Do you want to get another mortgage? In fact, click this resource to explore the myriad of decisions about owning or renting over 55.
To start, we don’t expect you to get all the answers from one article. Certainly, we’ve covered over 50 home buying in past blog posts. But there are some important points to consider after reading this article:
- Mortgage options
- Paying off your mortgage or maximizing your retirement savings
- Renting for flexibility to travel or move again
- Planning for independent living in the future
The Dias Team Update
As always, here’s our Dias Team Update for this week. Coincidentally, Cumberland was our focus in last week’s blog and this week we have more news.
Congratulations to a buyer client of ours beating out several other offers and securing a new home in Cumberland!
Happy Buyer! 40 Edgewood Avenue, Cumberland, RI
Contact us today to discover your dream home!