Should You Buy or Rent a Place in Boise?

Posted by on Monday, June 29th, 2015 at 8:15am.

Are you going to be moving to Boise soon? If so, then you might be wondering whether you should look for a place to rent or if you should start looking at properties to buy. It’s a difficult decision that will vary from person to person since everyone’s situation is different. If you are trying to make up your mind, the following information might be able to help you. Here are some things you need to consider.

How Long Will You Be in the Home?

First, consider how long you are going to be in the area. Are you moving for a job that might only last six months to a year? If that’s the case, then you do not likely want to buy since you will not be in the area long at all. Instead, renting an apartment or a house is a much better option. However, if the move to Boise is meant to be permanent, then buying might be a better idea. Still, you need to consider a few other things before you make up your mind.

What’s the Market in Boise Like?

You also need to consider the current state of the market. Does it make more sense to buy, or are the rents currently low enough that it’s a cheaper option? Look at the current sales price of homes that are similar to those that you would want to buy and compare that to the rent of similar properties. How many years of owning would it take before buying made sense over renting?

Do You Have the Financial Stability to Buy?

Of course, even though you might think you want to buy, you have to be honest about your current financial situation. If you do not have enough money for a large down payment, and you aren’t sure your credit is good enough to qualify for a loan, then renting might be a better choice for the time being. Even if you think you are financially stable, remember that you may also need to pay HOA fees, as well as pay for your own maintenance and repair.

Something else you need to consider when it comes to the finances is the stability of your job and life. If you aren’t sure your job is entirely safe, or if you think that your family might be growing, then it might not make financial sense to make a large investment right now. You have to be truly ready to buy a piece of property.

Can You Find a Place You Really Love?

Are you able to find the place of your dreams in Boise? The area has plenty of great properties, but they tend to be popular and go quickly. If you like the idea of buying, but you can’t find something that you consider ideal right now, don’t jump on your second or third property choice unless you really love it. Make sure you find a property that really speaks to you, even if it might mean renting for several months until a great place comes onto the market.

If you do find a great place, and you have the finances available, then buying could be a better option. The property has the chance to increase in value over the years, so you could make a profit if you sell. In addition, there’s always the possibility of using the home as an investment down the line. Those who decide to buy should make sure they speak with a Boise real estate professional to help them find a perfect place to call home.

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