It’s a common question without a simple answer. If you’re trying to decide whether now’s the right time to become a homeowner or it would be better to continue renting, here are a few things to consider.
- Cost. According to this Housing Wire article, buying is more affordable than renting in many markets across the United States. While it’s more expensive to buy in some areas, that doesn’t necessarily mean buying isn’t the right choice for you. Just be sure to include property taxes, insurance and closing costs when you’re crunching the numbers to ensure you get an accurate picture of all the costs you’ll be responsible for.
- How long you plan to stay. Experts typically recommend staying in a home for at least five years before you sell it. That’s because it takes time to recoup closing costs and moving expenses. Plus, during the first few years of your mortgage, you’re paying much more toward the interest on your loan than you are toward the principal.
- Your lifestyle. It’s easy to base your decision solely on finances. But there’s more to consider than the cost. If you have no interest in mowing grass, raking leaves, shoveling snow or otherwise maintaining your property, owning may not be for you. On the other hand, if you’ve always dreamed of owning a home, you’re ready for the responsibility that comes with it, and you can afford it, then buying might be a good choice for you.
While there are many benefits to owning a home, including the opportunity to build equity and the freedom to turn a house into the home of your dreams, ultimately only you can decide if buying a home is right for you, but we can help. If you are ready to become a homeowner, contact us today to discuss your mortgage options.