Knowing when it is time to buy

There is an age old question that many people ask themselves at least once a year. Is it time to renew my lease and spend another year under the laws of rental property management in Jacksonville, or is it finally time to start searching for property sales in Jacksonville.  It seems like every time you open a newspaper or web browser you are bombarded with information about why residential real estate sales are booming and why you need to start investing. The mortgage interest rates are low, the housing prices are low, there are plenty of foreclosures and investment property opportunities available right now for the average buyer.

Yes, all of these are great reasons to buy, but how do you know it is right for you? There are a few things that you should consider when asking yourself this question:

  • Are you ready to stay in one location for a longer period of time? If yes, then it may be time to buy. Hiring a real estate law firm and purchasing a home is financially lucrative for those who are planning on staying in one location for an extended duration.
  • Can you cover repair costs? If you are having trouble putting away a little bit of excess cash at the end of every month, then renting has its advantages. While buying will save you money in the long run, you have to consider the cost of fixing appliances, roof damage and other household issues that your landlord may currently cover.

Sometimes, when you buy a home you have to leave the neighborhood where you can afford to rent. Consider what makes sense for you. Would you rather stay in your current neighborhood, even if that means you aren’t going to buy? Or, does having a home of your own mean more to you than anything else?

These are the questions you should be asking yourself as you debate whether it is time to buy or rent a home in Jacksonville. If you haven’t already taken a look at what options you have out there, contact a real estate expert to explore your options and to learn more about property sales in Jacksonville.