Many people are wondering with today’s staggering economic downfall, whether they should buy a home or simply rent a home. Forbes had an article, The Next Mortgage Crisis, that laid out some interesting points.
You should considering buying a home if:
1. you can afford to buy
2. you want to build equity in a home as a source of retirement security
3. you want to take advantage of the tax benefits of home ownership with mortgage interest and property tax deductions
1. you can afford to buy
2. you want to build equity in a home as a source of retirement security
3. you want to take advantage of the tax benefits of home ownership with mortgage interest and property tax deductions
You Should Consider Renting If:
1. you can’t afford to buy
2. you have not saved an emergency fund of at least 3-6 months worth of expenses
3. you do not qualify for a reasonable interest rate on a mortgage
4. your income is unstable
5. you like having the option of moving around frequently
1. you can’t afford to buy
2. you have not saved an emergency fund of at least 3-6 months worth of expenses
3. you do not qualify for a reasonable interest rate on a mortgage
4. your income is unstable
5. you like having the option of moving around frequently
