In my last post, we saw that owning a home is generally a good thing for individual finances in the long run, even if only slightly. As a homeowner myself, there is also the relative security of knowing my landlord won't up and sell my home out from under me or raise the rent! Though homeownership carries more responsibility, for myself, it just feels good to have my home be .... well, my home!
To be sure, the recession illustrates that renters need to consider not just their desires, but also their financial realities before purchasing a home. Buying a home is a big financial responsibility - the biggest one you will ever make - and one that protects you against those rent increases. A home represents stability, the place where you want to settle down for at least five to seven years and raise your family, if you are inclined. Bottom line: You don't want to take on more square footage than you can maintain and enjoy.
Still not sure? This simple online survey (www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx) can help and so can your financial planner.
And when you are ready, of course, seek me out, Your Personal Realtor!
www.car.org/newsstand/crem/current-issue thank you to Paula Hess, senior editor of California Real Estate Magazine.
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