Owning a home has been called “the American Dream.” Listed below are some considerations to help you make the decision that’s right for you and your financial future.
Housing has appreciated over the last 40+ years, so many consider buying a home to be a sound investment. While housing may not outperform the stock market, you can’t live in your stock portfolio!
Owning your own home also comes with certain freedoms that are not usually available to tenants. If you want to make changes to your home, you can. (Subject to neighborhood rules and building code, of course.) On the other hand, home owners are responsible for everything that goes wrong, from the water heater to the roof and typically even incidents that may occur on the surrounding property. When you rent, the landlord picks up the expense for repairs, maintenance, taxes and insurance.
Consider your personal preferences and circumstances, and then take a hard look at your numbers to determine the point at which buying makes more financial sense than renting. You’ll also want to look at more than just your mortgage payment — consider the fees, taxes and monthly payments so you can make a good financial decision.
As always, we’re here to help! Even if you just want to talk through the pros and cons of renting vs. buying, call one of experienced Loan Officers at 1-866-742-5158 and we can help you decide. But we have to draw the line at helping you choose paint colors.