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However, buying a home isnt always the best option, and it doesnt guarantee financial success.
Heres a breakdown of Dunlaps perspective onrenting versus owning a home.
Theres a misconception that owning a home is always cheaper than renting, but thats simply not true.
In major cities, the cost discrepancy is even greater.
People often compare rent to monthly mortgage payments when theyre deciding between renting and buying a home.
Homeowners also need to consider insurance, property taxes, repairs and more.
Before you decide between owning and renting, confirm you understand your expenses in both scenarios.
you could make an informed decision only if you know each options costs and possible complications.
She isnt committed to a particular location beyond the end date of her lease.
She doesnt have to worry about home maintenance, because thats the landlords responsibility.
These are things that are important to her.
That was possible only because she didnt have the responsibilities a homeowner would have.
When you own a home, youre generally responsible for all of theupkeep and managementof your property.
It turned out that homeownership was incompatible with their preferred lifestyle.
Even a slightly lower rate can save you thousands of dollars over the life of your loan.
Renting or buying is a personal decision, and these three questions may help you reach amore informed decision.
Dunlap also noted that renting is a choice for her, but it isnt for everyone.
Many people have to rent because homeownership is inaccessible.
Before you buy, verify homeownership supports your long-term goals and your lifestyle.
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