Maine is a great state with beautiful ocean views and easily shifting seasons that allow the area to be gorgeous year-round. People are moving to Maine in record numbers to get away from the heat and avoid cities: but the question of whether they should rent or buy stays hanging in the air.
Here are the top things to consider if you’re unsure as well.
How Long Do You Want to Stay?
Many don’t consider this question before making a move. Are you planning on staying in Maine for the foreseeable future, or is it just for the next few years? If it’s long-term, buying is probably your best option. Anything longer than ten years means that you can gain back money on the investment you put into the home and can afford a better place in your next move.
For short-term stayers or those who haven’t made up their mind, renting is a better option. When you rent apartments in Portland, Oregon, you get all of the perks of living in this bustling seaside city while still getting to have the choice to get up and move away if you want to. This freedom is great for a lot of people.
What’s the Current Market Look Like?
In Maine, there’s currently a sellers’ market, but that might change! When you’re considering buying a home, look at the current market and decide if it’s going to benefit you. A buyers’ market allows you to sweep in at lower prices and get more property: but a sellers’ market means there are fewer options available, and you won’t be able to get a great price on most properties.
Although there are anomalies, and you may still be able to get a great deal, it’s a good idea to keep the market in mind.
Do You Have Enough Savings for Emergencies?
Although your down payment and closing costs are important things to save for, if you haven’t kept an emergency fund on the side: you’re not ready. Homeownership is full of surprises and expenses that will leave your account empty. Don’t let these surprises catch you without a little bit of savings in your account.
Are You in the Cities or Rural?
It’s no secret that city living is more expensive. This holds with living costs as well! In most cities, it’s more costly to buy a home and pay a mortgage than it is to rent. However, when you’re in rural areas, that rule is flipped on its head. Pay attention to what kind of community you’re in, and try to look at how much a house payment versus a rent payment would be per month.
How Much Space Do You Need?
Houses generally have more room than apartments. If you have a large family or you want a lot of space: it’s a good idea to go for homeownership instead of renting. Although with renting, you can always upgrade in square-footage when your lease is up, with homes, you can permanently build onto a property and not have to move every year.
