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Like most people, you’ve probably come across your dream home once or twice while scrolling through a listing site. Maybe you’ve been saving a lot, and the market finally seems friendly; you’re hoping to get a mortgage loan from the best credit union Denver offers. Buying a home is very different from renting, and there are several factors you need to consider before leaping.
To help you decide which option is ideal, below are four questions to answer before making the final decision. So, without further ado, let’s dive in.
How Long Are You Staying?
Buying a home is only right if you stay for seven to ten years. That is because the values of homes only increase by 4-7% each year. Therefore, you might pay more in closing costs if you buy only to sell after two years or less. Additionally, it could result in owing capital gain tax if you sell a home you lived in for two to three years.
Do You Have Enough Savings?
Although the best credit union Denver offers can provide a mortgage loan, you need some savings. It is vital to have at least 20% of the home’s price saved as a down payment. That way, you prequalify for a loan without needing mortgage insurance. Without savings, it’s probably best to keep renting till you have enough to make a move.
Can You Afford Homeownership?
Apart from the cost of a home, extra costs come with buying a house. Most people stop their calculations at mortgage payments because it is sometimes less than the monthly rent. However, consider closing costs, property taxes, homeowners’ association fees, and other fees. You might be ready to own a home if you can cover these additional expenses.
What of Your Lifestyle?
Even when you’re ready and have the money to buy a home, renting might be the best option because of your lifestyle. For example, if you travel and move around frequently, it’s best to rent. It’s also better if you don’t want to maintain a home. Homeownership can be quite stressful, and all responsibility is on you. Therefore, consider your lifestyle before you decide to buy or keep renting.