Home Sweet Home: To Buy or Not To Buy?

When we think of success, owning a home is often one of the first things we think of.

In fact, >>a recent Bankrate poll<< revealed that 74% of U.S. adults still consider homeownership a cornerstone of the American dream!

However, owning a home may not always be the wisest financial move.

Firstly, if you’re uncertain about your long-term living situation, buying a home may not be for you. The costs associated with buying and selling can make short-term ownership unprofitable due to market volatility and high transaction fees.

Secondly, there’s what financial advisors call the ‘nuisance factor.’ Homeowners bear the burden of property maintenance. Renters, on the other hand, are generally free from these responsibilities.

Lastly, you might have an overstated view of the financial benefits of homeownership. Many who dream of home ownership fail to consider the full cost of homeownership beyond the mortgage – like maintenance, utilities, property taxes, and insurance.

On average, >>homeowners paid an extra $6,000 annually for additional costs in 2022.<<

While homeownership is considered a type of investment, it’s important to remember that not all real estate investments yield high returns.

Factors like purchase timing, holding period, and location can greatly influence the profitability of homeownership.

I’m sharing this to encourage a thorough evaluation before making such a significant financial decision. It’s essential to weigh the pros and cons and align them with your personal, professional, and financial circumstances.

Want to get a financial advisor on your side to talk about the pros and cons of home ownership based on where you’re at now and make a plan to help get you there?

Book a 15 minute consultation by phone (330 836 7800 EXT. 1) or schedule it in my online calendar >>(click here).<<