Should I buy a House?
Owning your home is the American Dream, This fact comes with a lot of satisfaction but …
How do you know you are ready?
- Are you out of debt?
- Do you have an emergency fund saves?
- Do you have enough cash for a down payment on a fixed-rate-mortgage?
- Will your house payment (principal, interest, property taxes, homeowner’s insurance) be 25 % or less of your monthly take-home pay?
- Do you plan stay in the same location for more than three years?
Buying Pro
- Every payment brings you closer to owning the house.
- You can cash in on appreciation.
- You have tax advantages.
- You have the freedom to renovate your house.
- You have more privacy.
- It’s your house!
When Should I rent?
- You are paying off debt.
- Your job requires moving around.
- You need time to make a plan.
Renting Con
- Rent rates will go up.
- You have no financial incentives.
- You don’t have freedom to renovate.
Buy Vs. Rent
-You can do anything you want with the property and it will increase the valor of your property.
- Appreciation benefits, Including Leverage of Cash Invested.
- Tax Benefits.
-Mortgage cost stays the same as Rent Rise.
- Forced Savings.