Keeping it simple, you are ready to buy when you:
- can comfortably afford the home
- find The One
- believe you will live there for 3+ years
Are you in so far? See if this list of pros and cons shared by homeowners tips the scale.
- Investment: Owning a home is a wealth-building opportunity.
- Tax breaks: Although ever-changing, popular tax breaks remain such as the mortgage interest deduction and capital gains exclusion.
- Independence: Provides unique freedom to express yourself, make remodel choices or even construct additional improvements allowing your home to grow with you.
- Investment: There’s always downside risk as the past to own is no guarantee of the future.
- Tax breaks: You don’t pay taxes (not directly anyway) as a renter.
- Independence: Freedom can mean additional risk, responsibility, and work.
Pro Tip: This buy vs rent calculator from the New York Times is the best of its kind if you want the decision to be mathematical. You may be unconvinced with the results though as all of these calculators require a lot of guessing about the future.
If you’ve decided the time to buy is now, you have come to the right place. Search for homes with us.