Renewing Your Apartment Lease vs. Buying a House: Which is the Better Option for You?
I love that you are asking this question. Hopefully, this answer will assist you.
You’re curious about options and curiosity is a great mindset to be in. It sure beats asking questions later like, “How do I break my lease?” or “How did my new home lose so much value?”
One of life’s more valuable tools is preserving options.
Using several thousand real-life journeys into home ownership my team and I have developed a score to help you figure out how you would perform at either activity: Continuing to Rent or Buying a Home.
You can unlock your Home-Ownership Aptitude Score® here, for free.
The Score reduces the results of thousands of conversations with tenants and first-time homebuyers into a predictive tool to assess how continuing on as a tenant or transitioning to become a homeowner would potentially fit your personality.
If you don’t have the time to access your Home Ownership Aptitude Score please consider these takeaways in the meantime.
- Preserve as many options as you possibly can. Consider going to a Tenant at Will feature on your lease if it is allowed (even if it costs more). This will help you avoid being backed into a corner with a termination date or trying to force the future home of your dreams to come to the surface during a specific period in time.
- Build a home ownership budget. Not just tax and insurance. But all the hidden costs such as design and décor budgets. Yard equipment and tools. Remember Tax rates vary between different cities and real estate taxes only go up (never down).
- Create a Mood Board or Story Board to visualize your new home. Fill it with a smoker, guests from work, chickens, a favorite beverage display, container gardens, a tire swing, a drum set, a zip line, a car lift, and a reading nook. Is your home speaking to walkability to a neighborhood café? Or is focused on privacy and a yard for pets? What style of home is this? How big is the lot, or is it a condo? And where is it located?
- Read our article on Motivations to Own a Home.
- Find out more about Competing in the sport of buying a home.
- Common topics that speed up the home-buying decision: Am I ready to Buy a Home Yet?
Deciding whether to renew your apartment lease or buy a house can be a difficult decision. There are many factors to consider, including your financial situation, lifestyle, and future plans. Through our Home Ownership Aptitude Score, we’ll explore the pros and cons of each option to help you make an informed decision.
Think About Your Lifestyle and Future Plans.
When deciding between renewing your apartment lease or buying a house, it’s important to consider your lifestyle and future plans. If you enjoy the flexibility of being able to move frequently or don’t want the responsibility of maintaining a property, renewing your apartment lease may be the better option for you. However, if you’re looking to settle down and build equity, buying a house may be the way to go. It’s important to think about your long-term goals and how each option fits into them.
Please consider us a free resource on your real estate journey. No question is too small or too complicated for us to help you with.