Renting an apartment in Charleston, SC certainly has its advantages. Apartment amenities that you could not afford as a homeowner, no home or yard maintenance and more free time are just a few. If you are considering whether to rent or buy, here are some questions you should ask before you make the leap.
Are You Emotionally Ready To Buy A Home?
One of the benefits of renting an apartment is that you typically only commit to a lease for one year. If you’re buying a home, you’ll need to choose a neighborhood and a home where you want to live for the next several years while you recoup the cost of buying and build equity.
Are You Ready to Take Care of a Home?
Along with the joy of decorating your home and changing it to meet your needs, you need to budget at least 1 to 3 percent of the home price each year for repairs. Whether you can handle work yourself or need to hire contractors, you should be prepared for the time and expense of maintaining your property so that it can keep its value and avoid more costly repairs in the future.
Do You Have Any Savings?
While there are loan programs available to some borrowers with a down payment of 3.5 percent and sometimes less, you’ll need some cash for a deposit, a down payment, closing costs and an emergency fund when you buy a home.
What Does Your Credit Profile Look Like?
Request your free credit report to check for errors and any negative information on your report.