There are many people thinking about buying a home, but with everything affecting the economy, some are wondering if it’s a smart decision to buy now or if it makes more sense to wait it out. If you’re in that position, remember that it’s important to consider not just what’s happening today but also what benefits you may gain in the long run.
Many people think of 401(k)s before they think of owning a home as a wealth-building tool. Ownership is another key way to invest in your future. The gap in wealth between renters and homeowners who are 65 years and older is substantial, even when incomes are similar.
So, if you want to create wealth to help set you up for success later on, it may be time to prioritize homeownership. That’s because, whether you decide to rent or buy a home, you’ll have a monthly housing expense either way. The question is: are you going to invest in yourself and your future, or will you help someone else (your landlord) increase their wealth?
Bottom Line: Before putting your homeownership plans on hold, let’s connect to go over your options. That way, you’ll have expert advice on how to make the best decision right now and the best investment in your future.