Buying a home can seem like a daunting process — it just may be the most expensive and emotionally charged purchase of your life. But with careful research and determination, the keys to that dream home can be yours. We’ll help you along your path toward homeownership.
The Decision to Buy
Before taking the plunge into the buyer pool, it’s important to consider whether homeownership is right for you.
Rent vs. Buy?
When looking for a new place to live, the first question you ask yourself will help drive the rest of your decision-making. Should you rent or buy? Buying may seem appealing because you will put an end to escalating rent and can build equity. But the reality of routine home maintenance and repairs can quickly drain a bank account.
In general, whether renting or buying is better for you largely depends on your specific circumstances.
Here are some basic questions to consider when thinking about buying a home:
- How long do you plan to stay there? If you expect to relocate in just a couple of years, renting is likely a better option.
- How much home can you afford? If you can’t afford a home large enough to fit your family in a few years, it may be worth it to rent while you save a bit more.
- What’s on the market? If you can’t find a home you like, it’s likely not worth tying yourself to something you’re unhappy with.
Another consideration: Stretching your budget for that dream home may actually make you miserable, as a growing body of research suggests.
Still can’t decide if buying is for you? Check out The Times’s rent vs buy calculator to dig deeper into the difference in expenses.If both your lifestyle and the hard numbers point toward buying, the next step is to determine how much home you can afford.
