Due to the continuing increasing cost of homes this year, some people are reflecting on whether or not it is a wise decision to purchase a home this year. Even though the cost of a home is greatly increased when compared to other years, if you have the financial means to do so, it may be a wise choice especially when you compare it to the cost of renting a home.
If you purchase a home now, you will earn home equity which can benefit you in the future by adding to your net worth. This is one of the advantages of purchasing a home now, especially when compared to renting a home. Another perk of purchasing a home now is that your housing cost will stay the same (for the most part) but if you compare it to renting a home, you do not know how much your rent will increase a year from now. All over the board, rents are increasing significantly. Purchasing a home also gives you some opportunities that renting does not. For example, since you own the home, you can decide how you would like to decorate it and what you would like to do with it. You even have the opportunity to get a roommate if you choose to. This would help offset any costs you acquire along the way.
If you are struggling to see what the right decision is for your family, we would be happy to help you. If you get in touch with us, we can go over your available budget and see what would make the most financial sense for you and your family. Be sure you let us know what your financial goals are as well so we can accurately assess your situation and what the future may look like for you.