There are many people that believe that renting is easier than home ownership, or that owning a home will cost much more than renting. There are many things to look at when deciding what is best for your family. Here are some tips to help you make that decision:
Tip One: Look at the overall cost vs. benefit argument.
It is true that renting can make more financial sense in the short run, but the long-range view is much different. Over time your rent will rise, sometimes each year going up a little more. If you purchase a home with a fixed-rate mortgage, your monthly payment of principle and interest will stay the same.
Tip Two: Consider the power of leverage:
When you buy a home, you have the ability to magnify the purchase power of…