1) Consider Your Personal Home Budget
Whether you want to upgrade your current housing, or you are moving to a new area, your housing budget will help you determine the size, condition, and location of your new home. Financial experts, such as radio host Dave Ramsey, suggest your rent or mortgage should represent no more than 25% of your overall budget.
When you add mortgage and homeowner’s insurance, maintenance, and other home costs, you will likely find you can comfortably afford a higher quality living experience by renting an apartment.
2) Consider the Extra Costs Associated with Owning a Home
Though interest rates remain low, there are many other important financial factors that add to the costs of owning a home. Even if you have been pre-approved for a mortgage, make sure you factor in the hidden costs, including:
- Homeowner’s Insurance
- Mortgage Insurance
- Fire and Flood Insurance
- HVAC, Water Heater, Roof, and other expensive repairs
- Regular Home Maintenance (paint, toilets, lawn, etc.)
- Home Security
- HOA Fees
If you fail to properly maintain your home, you can end up upside down on your investment when you are ready to sell. When moving to a new area, it is wise to rent until you are fully prepared to own a home for an extended period of time.
3) Consider Safety and Security
Safety and security are important for both individuals and families. Homeowners must fit the bill to make sure their house and family are secure from threats. Nevertheless, when it comes to security, not all apartment communities are the same. At Regency Park, our safety measures include:
- Monitored Fire Sprinkler System
- Smoke Detectors
- Dead-bolt Locks
- Privacy Fencing
- Excellent Site Lighting
- Unique Firewall System
- On-site Staff with Community Courtesy Officer
4) Consider How Close You Want to Live to Work and Recreation
Cheap rent or low mortgage rates are not always worth living a lengthy distance from work, shopping, and recreation. When you add of fuel and vehicle maintenance and time lost, the value of living closer to the places you will spend the most time is well worth it. For example, our residents in Regency Park enjoy living within walking to biking distance to several large employers, restaurants, and shopping.
5) Consider Your Lifestyle
Owning a home requires DIY maintenance, or expensive regular repairs. If you are handy and enjoy making repairs, your lifestyle may be perfect for homeownership; however, if you would rather spend your weekends relaxing with your family, pursuing personal hobbies, enjoying Lake Greenwood, or something other than home maintenance, it may be wise to consider renting.
Choosing your next home can be a difficult experience. We are here to help. Feel free to give us a call any time.