With Your First Real Job , When to Look to Buy or Concentrate on Finding Apartments for Rent?
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Now That I Have My First Job Since College, Should I Look to Buy or Concentrate on Finding Apartments for Rent?
So you've completed college and have your first professional job. Now you face a classic rent or buy decision. Looking for apartments for rent that fit your criteria is typically the best decision, but you may want to consider buying, also. Ask yourself a few questions first.
- How secure do you believe your new job to be? This question is much more difficult to answer than it was 20 or 30 year ago. Mergers and acquisitions of companies open and close opportunities, moving employees around the country, or eliminating them altogether. If you're uncomfortable about where your employment future may go – this is natural at the front end of your career – the best course of action would probably be finding apartment rentals you like.
- Are you sure about the state, city, neighborhood you'd like to live in for the longer term? If not or you're ambivalent at the moment, you may be wise to examine apartments you like and rent one.
- Are you already in an upper income tax bracket that indicates you could get serious benefits from the tax deductions offered by home ownership? While tax deductions are always welcomed, if you don't need them right now, it might be a mistake to make important decisions based on their availability.
- Do you enjoy the lifestyle of many younger persons? Do you like to travel, meet new people, always going from work to social settings, etc.? If you recognize yourself in this brief profile, you may be happier sticking with rental apartments than becoming a homeowner, with all the added responsibilities. You will spend more time with an owned home than you need to with any apartments.
Remember, there is no guaranteed good or bad decision. Life is an adventure and, like a movie mystery, we don't know the ending until we watch the film. Your goal should result in a good quality of life for you – your definition of quality, not your friends', family's, or your accountant's definition.