Rent vs Buy
Why Consider Buying a Home?
What makes a house a home? For some people, the two words are the same thing. But for others, a house doesn’t become a home until they own it. And you can.
There are two broad categories of things to consider when you’re thinking about whether to continue renting or buy a home. The first is the financial aspects of homeownership, and the second concerns your stage of life.
Financial Aspects:
- A Home as an Investment
- Monthly Housing Expense
Lifestyle Issues:
- Putting Down Roots
- Disposable Income
- Status
A Home as an Investment
Buying a house is a good investment for most people. It can offer very good returns with low or moderate risk, and you get to live there while your money grows.
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Monthly Housing Expense
Housing costs can be divided into the costs of keeping a roof over your head (shelter costs) and the cost of investing in real estate to build equity (investment costs).
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Lifestyle Issues
Putting Down Roots: For many people, buying a home and land gives them a sense of permanence and stability. A home can be the center of a family, a place to gather and celebrate.
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