Many first time home buyers — and even some folks who have owned in the past and are currently renting — are just unsure about whether or not they should purchase a home. It is important to weigh your options before purchasing because it is likely the largest purchase you will make in your life.
So, how do you know if you should buy now? Speaking to a mortgage broker would help, because they would be able to go over your financial situation with you and assist you in determining the right choice for you. But before you pick up the phone and make that appointment, use this cool calculator to put renting vs. buying into perspective. (It takes just a few minutes!) It is amazing how much you can save over time by purchasing now.
There are many pros to buying a home (like appreciation in value, pride of ownership, financial asset, etc.), but if things don’t add up for you, just save some more money and think about it later.