It is time for you to look for a new home! Where do you start?
Start by defining you goals. Consider where you want to live, the features and amenities you are looking for, what you can afford, and a realistic date for having the money you will need. Another decision you will consider is whether you are renting or buying your home. Purchasing a home is a huge investment; you will need to take the time to weigh the benefits of renting versus buying a home.
|Renting Your Home
||Buying Your Home
- The initial cost of renting is usually lower than making a down payment on a house
- You probably will not pay property taxes and upkeep directly
- With no money tied up in real estate, you should have more savings to invest
- You run no risk that the value of your property will go down
- You can deduct the interest on your mortgage and your local property taxes on your tax return
- You build equity as you pay off your mortgage
- You may be able to borrow against your equity and deduct the interest payments on the loan
- Your house may increase in value and you may make a profit should you decide to sell
Source: Morris, A Woman’s Guide to Personal Finance