Are you wondering if you should buy a home now or pay rent for another year or two? The decision is different for every prospective home buyer.
Nationwide, statistics show that owning a home costs less than renting. That’s because rents are already high, and they rise with each passing year.
If you continue to rent, you won’t have to spend your savings on a down payment, but you’ll end up paying more for your living quarters in the long run and have nothing to show for it.
It’s also true that home prices will continue to rise, but that’s really not a bad thing. It means that the home you buy now will be worth more in future years.
Here is my first and most important question:
Are you going to stay in the area where you want to buy for 5 or more years? If not, then you may not get your down payment back when you have to sell, which could end up costing more the paying rent. This is a math calculation, not a ‘feeling”. Do the math and you should get your answer. Ask a licensed real estate agent for help in home values.
Then, If you have the money for a down payment, and a little more to make changes and or updates in your new place, I think buying a home now is a good move.