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Before purchasing a home, ask yourself these questions:
- Do you have a steady source of income?
- Do you have a record of paying your bills on time?
- Are home prices fairly stable in your area?
- Are you planning to stay in the area for a few years?
- Have you budgeted for the costs of homeowners insurance, utilities, property taxes and other costs?
- Can you pay for unexpected repairs and maintenance?
- Have you factored in the tax benefits?
When you are renting a home:
- There's little or no concern about maintenance and repair costs
- It's easier to move
- You aren't building up any equity
- You typically have restrictions about changing decor or landscaping
- You have no control over rent increases
- You don't get any tax benefits
- There's a possibility of eviction
While owning a home may give you a sense of community, stability, and security, it is a personal decision that must be carefully evaluated. There is no 'right' answer for everyone.
For more info, please see the related content.
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