✅Lunch N Learn: Deciding Whether to Buy a Home
Buying a home may well be the largest purchase you ever make. Buying a home can send shock-waves through your personal finances and may even cause a sleepless night or two.
Purchasing a home is a major financial step and a life event for most people. You owe it to yourself to do things right. But, homeownership isn’t for everyone.
Most people should eventually buy homes. To decide whether now’s the time for you to buy, consider the advantages of buying and whether they apply to you.
Owning should be less expensive than renting.
Most of us take shelter for granted, unless we don’t have it or are confronted for the first time with paying for it ourselves. Remember your first apartment when you graduated from college or when your folks finally pushed you out of the nest? That place probably made you appreciate the good deal you had before – even those cramped college dorms may have seemed more attractive!
But even if you pay several hundred to a thousand dollars or more per month in rent, that expense may not seem so steep if you happen to peek at a home for sale. In most parts of the United states, we’re talking about a big number – $150,000, $225,000, $350,000, or more for the sticker price.
Even more important than the cost today of buying versus renting is the cost in the future. As a renter, your rent is fully exposed to increases in the cost of living, also known as inflation. A reasonable expectation for annual increases in your rent is 4 percent per year.
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purchasing a home