In today’s episode Pete asks the question if he should continue to rent or use what little down payment monies he has to look at the benefits of buying a home.
To help you answer this question, whether renting or buying is a good decision depends on many factors
Extremely low mortgage rates and rising rents in many cities have led some people to dive into homeownership more quickly than they’d originally planned. However, others are choosing to wait until the housing market bursts it’s bubble again, in spite of the incentives to buy. The truth is, there’s no one right answer when it comes to determining whether to rent or buy a property.
The choice between buying a home and renting one is among the biggest financial decisions that many adults make. But the costs of buying has more variables and more complicated than renting, making it a personal and a decision that sometimes is hard to tell which is a better deal
What Does the Future Hold? – How much home prices, rents and interest rates? change can have a large impact on your outcome. Unfortunately, these are some of the hardest things to predict. If you choose to rent instead of buying, you have to assume that you’ll spend your would-be down payment on some form of another investment to create sustainable wealth. The last thing you want to do is just throw the money away. You should always be striving to put your money to work in something even if it is not buying a home
Buying a home is a major decision that shouldn’t be taken lightly, but when faced with rising rent and low mortgage interest rates that make purchasing more affordable; you should take the time to consider the pros and cons of both renting and buying. Long-term homeowners, even those whose homes lost value during the recession, can build wealth that can be used to fund their retirement or grow your portfolio. As long as you can comfortably afford your housing payments and are emotionally prepared to commit to homeownership, buying a home can be a smart financial move.
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