My wife and I have gone back and forth on buying a home. We have been renting for 11 years. The reason we have stayed put is that our rent is cheap. If we were to move into a home or townhouse our costs would go up about $1,000 a month.
We use that money now as a cushion to save and invest. In fact, we really don't bring that much extra home a month, so we would need to get more income to make a house payment work.
Some say this is a good time to buy. Others say wait until the moment is right for you.
If you are debating the own vs. rent question here is a good article from Liz Pulliam Weston on MSN money.
She mentions that there are reasons to buy now, but there are three reasons that aren't as good.
They are:
The theory that you are throwing your money away when you rent
You want to buy a house as an investment
You want to buy for the tax deduction
Either way there are positives and negatives to buying a first home. Leave a comment on your thoughts if you want.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment