Putting up 20% for a down payment on a home is a big ask, especially for a Millennial. These last ten years have been rough, and have left many Millennials burdened with enormous college debt,
Renting Versus Buying
Is it better to rent a property or purchase a home? This is a major decision that will affect your lifestyle and how much money you have at the end of each month.
Renting: A good decsion for those who need to save money for a down payment on a new home, work on credit score, or wait for lower interest rates. Rental properties are not always guaranteed for years to come. The owner of the home may decide to sell which will leave the tenant needing to move sooner than expected. The home will never belong to you and there are limited things that can be done as far as decorating.
Purchasing: Purchasing can bring equity in your home but at the same time a home can lose value. There are many factors to consider before purchasing a home. To name a few, school ratings even if you don't have children, communituy ammenities, local crime rates. Owning a home can also bring on more responsibilities. Normal maintenance that would be the landlords responsibility now is in your hands. Other large items such as HVAC, Water Heater, Plumbing Leaks, etc. can get costly.
Take a look at options before deciding to purchase or to lease. And always contact a local Real Estate Agent to help along the way. Agents know the market and can provide guidance in making the right decsion.
Butch Gilley is a Real Estate Professional in the Austin and surrounding areas and has helped hundreds of clients find the home of their dreams. After graduating from The University of Louisiana at M....
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