Have you been talking to your spouse about whether or not you should rent or purchase a home? Many couples go through this every year. Sometimes they choose to buy; other times, renting emerges victorious. A lot of the decisions will come from where a person is financially right now. Sometimes, home buying isn't the best choice as it comes with its own share of complications. You have to purchase insurance, maintain the yard, handle any repairs, and there can be many surprises you just don't factor in on a day-to-day basis. For example, what happens if your plumbing pipe bursts and floods your basement? Are you going to be able to pay for this? Let's take a look at whether or not you should purchase a home now or consider renting.

Overpriced Houses

Just like everything in today's market, houses are overpriced. You could be paying a lot of money for junk. There's no way to really sugarcoat that. Many home buyers have paid thousands, if not $100,000 or more, on a home simply to purchase right now. We would advise against this. If it is at all possible, avoid purchasing a home that is overpriced. You'll have buyer's remorse quickly after signing the dotted line.

Interest Rate Through The Roof

The interest rates keep rising. This is not a good situation for home buying. You could be saddled with a high-interest rate on a 30-year loan and pay way more than you should on the purchase of that property. Instead, just like everything else, it is a waiting game. The markets will have an ebb and flow, and waiting for the perfect time is sometimes the best solution.

You Need To Save and Fix Credit

Have you made some boo-boos along the way in terms of your credit? Do you need to rebuild it before you talk to a mortgage broker? Or, have you talked to a broker, and they recommended options for you to fix your credit? When purchasing a home, you need a down payment and a decent credit score. If you have neither of these two, it may not be the right time.

Final Thoughts