Here are the questions to ask yourself if home buying is right for you
- Do you need the flexibility of renting? or can you afford to stay in your home for at least 5 years or longer?
- Can you afford a 20% down payment?
- Can you afford a monthly payment on a 30-year fixed mortgage?
- ask your CPA ... Does the tax benefit of home ownership offset a potential decline in home value?
- Have you reduced other real estate debt before you add more on this home purchase?
- Does a fixed monthly mortgage payment for the next 15 years outweigh the likely inflation of rents during that same time (called an inflation hedge)
These are broad questions that can have many variations for each individual situation. However, it is a good foundation from which to start your home buying process.
You do not need the Real Estate boom to enjoy the many benefits of owning a home.
However, you do need to the answer the right questions of whether or not real estate ownership is right for you and your family.
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