FIRST TIME HOME BUYERS SERIES WEEK ONE | RENT VS. BUY

Are you at a crossroads when it comes to housing? Should you continue to rent or is this the right time to buy your first home? Let's explore this important decision and shed light on some of the challenges you may be facing.

For renters, there are undeniable advantages. The flexibility to adapt to changing circumstances and the freedom from major property maintenance are among the perks. But,there are certain drawbacks. Rent increases or landlords selling the property can be a looming concern and of course missing out on the potential to build equity in your own property.

Owning your own home is a path to building equity and This can translate into a significant long-term investment.

However, purchasing a home is a significant financial commitment and it will require a substantial down payment, and as a homeowner, you are responsible for property tax and maintenance which can be costly over time.

The decision to rent or buy depends on a lot of factors. The key is to evaluate your situation and align your housing choice with your short and long-term objectives.

So home work for this week, start a pros and cons list, write what you enjoy about your current situation and what if anything you’d like to change. Write what’s holding you back from making that change, and if it happens to be financial,  join us next week where we’ll talk financial health.