Should I Rent or Buy a House?

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So we are kinda new to the whole empty nester thing. All 3 of our kids are out of the house and living on their own. They have apartments and the one question I wasn't prepared for is “Should we try buying a house?”. I didn't know where to start. So I looked up a mortgage calculator monthly payment so we see could if they could even afford to buy a house.

buy a house

Housing market

The housing market in 2020 was crazy. More people were working from home and many found out they didn't have room for an “office”. With the demand for houses higher than the supply, the prices have gone up. Also figuring in the skyrocketing prices of materials. New house prices were higher as well.

Now 2021 has been a little different. Housing prices are still high but renting a house is getting cheaper. I was raised believing owning a house was WAY better than renting. Well my way of thinking has been challenged when you consider all the variables. With the uncertainty of everything right now buying may not be the wisest decision. I did find a cool website that has a lot of great information that can be used to help you make an informed decision.

Other things to consider when renting or buying a house

Some other things to consider when trying to decide if renting or buying is best for you:

  • Pets- Our kids have dogs. So when trying to decide on renting or buying the pet policy was a big issue when looking for places to rent. Not all places will allow pets. Places that do allow pets usually require a pet deposit or add a charge to the monthly rent. Of course when you own your own house you can have pets. Of course if you have roommates you should consider their wishes as well.
  • Repairs- If you are renting the landlord is generally responsible for most repairs. So if your A/C goes out you just make a phone call to the landlord and they should fix it. If you own your house you are responsible for all repairs. Now this can be expensive but you decide how it gets repaired. You can decide who to call to repair something. Or you can repair it yourself.
  • Updates- If you want to update your place and you are renting. You may be limited on what you can do. Some landlords may not want you to paint your room that crazy color you love. You only options may changing decorations. If you own your home all those decisions are yours to make. If you want to paint that wall a crazy green color… have at it!
  • Location- You may not be able to find a house that fits your budget in the area that you want to buy. You may have to look at different areas to live. While this may not be a problem for some, for some this may be the 1st thing they consider. It may be easier to find something to rent in the area you are wanting to live.
  • Noise- Are you the type o person that loves to turn up the music when you are cleaning? Or do you like to have the volume up on the big game? These things are fine when you own your home but can be frowned on if you live in an apartment.
Rent house

Big decision

The decision whether to rent or buy a house is a big one. You should try to get all the information you can so you make an informed decision. You also need to be honest with yourself on what you can afford. A mortgage calculator monthly payment like this one will help with that decision. The last thing you want to do is buy a house and not be able to afford the basic things. Make sure to ask around too. That perfect place may not be so perfect. But don't worry, your perfect place is out there. Just be patient.

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