Overall owning a home is a great investment yet also a big responsibility. There are a lot of factors and expenses to keep in mind about what is best for you.
Costs of Owning a home:
Taxes
Insurance
PMI
Closing Costs (3-5% of purchase price)
HOA dues
Maintenance and repairs (1% to 2% of home’s value annually)
Emergency repairs and upgrades
When to rent and when to own
Reasons to continue renting can include:
Mobility
Flexibility
Uncertainty
However, good reasons to buy might be:
Tax deduction
A historic opportunity with low mortgage rates
Help entering the market: don't need 20% down
Price appreciation
Costs of Owning a home:
Taxes
Insurance
PMI
Closing Costs (3-5% of purchase price)
HOA dues
Maintenance and repairs (1% to 2% of home’s value annually)
Emergency repairs and upgrades
When to rent and when to own
Reasons to continue renting can include:
Mobility
Flexibility
Uncertainty
However, good reasons to buy might be:
Tax deduction
A historic opportunity with low mortgage rates
Help entering the market: don't need 20% down
Price appreciation
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