Many of us have all heard the blanket advice that it's better to own a home or an apartment than renting. But is it really better to own for everyone across the board?
Some argue that all of the expenses you incur associated with owning a home are lost investment opportunities. All of the money you'll be spending could be invested instead. Of course, that completely disregards some of the benefits of ownership like being able to live in a place that is 100% your own with minimal home costs.
First, you should ask yourself what your long-term money goals are and how owning a home fits into your life and where you're going.
I've come across this "Rent or Buy Calculator" that will give you a good idea with many variable factors that you can play around with to fit your life. It definitely gave me insight into what makes sense based on the home costs in my neighborhood and when it would be more beneficial financially to start to consider buying a home.
If you're ready to take a step towards homeownership, here are some things to consider.
Homeownership costs are often underestimated and homeownership is a long-term commitment, it should be thought through carefully. Some costs that can quickly add up that many don't consider when thinking of buying a home:
Closing costs
Moving costs
Rent costs while you prepare your new home for your move
Real estate taxes
Maintenance fees
Homeowner association fees
The list goes on!
Buying a fixer-upper could be the right choice for you if you want to get creative. A fixer-upper home could be a home that needs heavy renovation, maybe a foreclosed home, essentially a home that may be cheaper to buy because of the investment that will need to be made to make it livable.
Does buying a fixer-upper sound like it's for you? Check out Bankrate's article that discusses setting realistic expectations for this type of purchase, financing options that cover remodeling, and tips to keep in mind when it comes to buying a home this way.
At the end of the day, it's what you're comfortable with and what fits your life, budget, and goals. It's also what is available where you live, some areas have bigger renters markets than others.
If you need help figuring out the next step for you, here's a link to my calendar. Let's schedule a quick chat, no strings attached 🤗