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Buying a home is probably the largest purchase you will make. But is it right for you? Read more, and find out for yourself.
To buy or rent? This is a big decision - not only a financial decision, one having to do with the money involved, but also an emotional and very personal decision.
First - the financial aspect. You might find it helpful to use our Rent vs Buy Calculator.
However, aside from the ability to afford the property (and obtain financing for the purchase), you might want to consider:
Advantages of Owning a Home
- Owning your own home can give you a sense of stability, security and freedom. Want to hang a picture? Go ahead! You do not have to ask a landlord.
- The payments on your loan build equity in your home, which becomes a type of "savings". If you are renting, all of your payments go to the landlord.
- A sense of accomplishment
- Tax advantages and deductibility of mortgage interest and taxes (check with your financial and/or tax advisors with regard to the specifics in your situation and location)
Disadvantages of Owning a Home
- The cost to own a home can add up, such as maintenance and repairs, landscaping, decorating, plus taxes.
- Unable to relocate at a moment's notice.
- Renting may be less expensive
Owning a home isn't for everyone. It's a decision that has to be made by each person after considering the pros and cons, ins and outs, advantages and disadvantages.
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