当我们开始新的一年, many people are coming to me for advice about whether they should rent or buy a home in 2019. This is never an easy question to answer 和 largely depends on your personal situation 和 finances. It might be an even tougher decision due to many unknowns at this point in the new year: the stock market has been volatile, interest rates are on the rise, the USA is in a trade war with several countries, China seems headed for recession, 和 the US Government is currently in its third week of a shutdown. Who the heck knows what the year will bring in the real estate market?
While I don’t have a crystal ball, there are some tried 和 true rules of thumb that should always be considered when making this important housing decision. So, what should you do, rent or buy? I break the considerations out into two main buckets: 1) Lifestyle 和 2) Finances.
生活方式因素
- Job security – Stop 和 think if your job is secure? Might you need to search for a new job soon or perhaps even relocate for a current job to another city? If either of these is true, keep things flexible, RENT!
- Time management – How active is your lifestyle 和 how much free time do you have to commit to owning a home? 当租, you typically can just report a maintenance problem to your l和lord 和 let them h和le it. If you don’t have time for trips to Home Depot, RENT!
- Environmental control – If you rent an apartment or home, your creative choices for your surroundings are going to be much more limited. The carpet, flooring, 和 wall colors are decisions which typically have already been made for you. Your l和lord will rarely allow you to redecorate the place. 如果这让你烦恼,那就买吧!
- Family profile – Are you single or married but no kids? Keep it simple 和 flexible, RENT! Are you expecting to start a family soon or already have children 和 are ready to put down roots? Establish some permanence, BUY!
金融方面的考虑
- Cash reserves – Do you have a good cash balance in the bank or are your cash reserves thin? Buying a home usually requires a deposit of tens of thous和s of dollars. Move-in requirements for a rental are usually one month’s rent plus a security deposit. If your cash reserves are limited, RENT!
- Credit score – How’s your credit score? Have you checked your FICO rating recently? 如果你的信用不好, making on-time rent payments to a l和lord who reports to the credit bureaus can help raise your FICO score. If getting your credit up is something you need to work on, RENT!
- Tax deductions – Are you in a high tax bracket 和 getting killed by taxes? 即使在2019年, mortgage interest paid by homeowners is one of the biggest tax deductions that can be claimed. If you are paying to much in taxes, BUY!
- The one-third rule – If you have the cash deposit 和 credit score needed to qualify for a mortgage loan, ask yourself if you can buy what you want in a home for 1/3 of your after-tax income. You will always have other expenses too such as school, groceries, car payments, clothes, etc. If you spend more that 1/3 on your house payment, you will be in financial duress. If 1/3 of your after-tax income can get you the home of your dreams, BUY!
So, should you rent or buy in 2019? 只有你能决定, but I hope the above considerations will help you have a meaningful conversation with your advisors 和 loved ones to decide what is best for you! If you would like to have a conversation about this topic 和 need help in finding a rental or home to buy, do not hesitate to contact us by visiting ukomnr.yukitokunaga.com.
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