
Published: June 27, 2021 | By Joe Jennings
Here are some questions that we at Sunny & Associates will ask you in order for you to find out if it’s time for you to finally buy a home.
- Do you have the credit to qualify for a mortgage?
- Do you have enough saved up for a down payment?
- Do you see yourself living in the same place for up to 3–5 years?
- Do you want to be your own landlord/lady (i.e. if the toilet stops working you know what to do/who to call)?
If you were able to answer yes to all four, then you and your finances are most likely in the best position to buy a home versus renting a home. However, if you answered no or “I don’t know” to any of the above questions…renting might still be your best option (for now).
Sunny & Associates can help you with both renting and buying.
Do you have the credit to qualify for a mortgage?
If you don’t know if your credit score and finances are adequate to qualify for a loan or not, you’re not alone. Sunny & Associates will introduce you to a mortgage professional to help advise you if you can qualify and for what kind of loans you can qualify for and if it is a smart decision to buy or continue to rent.
Do you have enough saved up for a down payment?
The down payment on a mortgage can vary massively, and no one can definitely answer this question until they get pre-qualified. Down payments include closing costs, moving costs, any renovations and other home maintenance tasks, and let’s not forget Homeowner or Condo Association capital contributions, if you move into a development with an association. In many cases, renting can be cheaper than buying a home because of the upfront costs involved.
Do you see yourself living in the same place for up to 3–5 years?
While finances are a major factor in the buy vs. rent debate, answering the questions “where will I be in 5 years” will also help determine if “now” is the right time to invest in a home. Take note that if you’re financially ready and you see yourself in one place in the first 5 years that continuing to rent could technically be equivalent to putting a big fat hole in your wallet. Why? Because when you pay rent you are giving all the money to someone else whereas when you buy a home, that home is yours and owning is worth something!
Another option, if you answered no to the fact that you will not be living in the same place for up to 3–5 years, is investment Real Estate. With the help of a Property Management Company like Sunny & Associates. Even if you buy an investment property while renting is not your goal and you intend on living in the property later on, renting it out early can be a reliable source of income and a hedge on inflating home prices.
Do you want the costs of being your own landlord/lady without receiving rent?
The last thing to consider is the yearly cost of maintaining a home (often estimated as 1% of the purchase price of the home). These costs range, but some of the costs that fall under this list are property tax, association fees, landscaping, new kitchen appliances and insurance Seek out the advice of a realtor to get an idea of the average cost of maintaining a home over time compared to leasing and having the landlord pay for maintenance and do the dirty work for you.
The debate whether you should buy a home or rent is a question almost everyone asks themselves at least one time in their adult life. While the above questions should help clarify what decision is best for you at this time in your life, acknowledge that there are professionals out there who are more than qualified to help you find clarity.
Start today by contacting me — I can help!

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