Making the transition from renter to home owner is exciting, instead of giving someone else that monthly check you?re putting it toward your home's equity.
But there are other things to consider when purchasing a home, like the additional costs. Of course you?ll have your monthly mortgage payments but there are more costs associated with owning a home like property taxes, home owner?s insurance, closing costs, maintenance fees, and then the dreaded emergencies.
Another thing you have to consider before making the switch from renting to owning is the commitment. You?re certainly not tied to your home forever but moving is much more involved and difficult than it is when you?re a renter. If you?re not committed to the area then holding onto the freedom of being a renter may be worth it for you.
The freedom that comes with renting also includes the freedom from having to worry about maintenance and upkeep. Of course it?s up to you to keep the interior of your apartment in good shape or you?ll have to pay when you move out, but typically the exterior is maintained without the renter?s assistance. When you own a home you?ll either be responsible for doing all of the maintenance or for hiring and paying someone else to do it.
So there are plusses and minuses on either side of the coin, you just have to look at your particular situation and decide what means the most to you and whether you?re ready to make the change from renter to home owner.
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