Perhaps the biggest financial decision we make in life is whether to buy or rent a home, be it a house, townhouse, condo, co-op or multi-family dwelling. It is not a decision to be taken lightly and it involves numerous factors, including for new or expecting parents who may need more space and are looking to provide stability for a growing family.
Every family’s situation is unique. There isn’t a one-size-fits-all answer. When deciding between renting vs. buying a home, and the timing, start by asking yourself the following questions:
- How long do I plan to live in this location?
- What are my future plans, both short-term (within the next 5 years) and long-term (five or more years from now)?
- Do I have enough money to buy a home or would I need to get mortgage financing, and do I have enough additional money to cover expected and unexpected expenses?