“May your choices reflect your hopes, and not your fears.” Nelson Mandela
Our cities are waking up after being cooped up for a year. Mortgage rates are still low, and the real estate market is still hot. It is decision time. Do you buy a home, or do you continue renting? What are some profitable exit strategies you can use later if you decide to move to another geographic area?
Rent hikes are predicted to rise as the demand for housing continues. How much has your rent gone up over the last three to five years? If you bought a home that is a similar size to the one you rent, what would it cost you to buy it? How much money would you need to put down? What would your payment be?
What would your fixed-rate principal and interest payment be? How much lower would your house payment be compared to your current rent?