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Whether or not to buy a home or rent, is a question that requires considerable thought. The truth is, there are many different factors when it comes to weighing the benefits of buying a home versus renting a home.
It’s up to you to decide whether buying a home is smarter than renting a home at this point in your life. At Protective Life, we feel that when it comes to buying versus renting, it’s critical to assess how a home purchase fits into your long-term plans.
For example, do you plan to stay in the area you’re currently in for more than five years? Because the costs associated with buying a home can be substantial (by the time you add up things such as your down payment and escrow costs), you don’t want to be investing in a home that you’ll only live in for a short time. Are you planning on expanding your family in the near future? If so, and the housing market is in your favor, then buying a home today may be a good investment compared to renting.
These are just a few reasons why it’s important to assess how a new home purchase might fit into your plans in 5 or 10 years’ time and not just how it meets your needs today. If you want to learn more about buying a home versus renting, we think you’ll find this video helpful.