Should you rent or buy? Some basic questions to ask yourself
This is a good guide for those thinking about buying a home. Run through this and be honest. Its a good conversation starter no matter what.
My two cents:
* I don’t necessarily buy into the 20% down. The goal should be 5% down with extra money for closing costs, moving costs, utility start ups, inspections, etc…
* I also can’t quite agree with being in a home less than 5 years would be a reason to rent only. I get there are costs associated with buying a home – closing costs on a mortgage, inspections, decorating to taste – that may never be recouped if selling within a year or two. Think about if you rented for 5 years at $850 – that would be paying someone $51,000 to live in their place. That’s money you will never recoup.
This guide came through American Eagle Credit Union Click here for there website They are also on Facebook.
