There are many issues to consider when buying a home. Owning a home can give you tax advantages, be a source of pride as well as a secure long-term investment.
However, while planning calculators and lenders can tell you how much you can afford, you need to consider the following aspects of your financial picture.
- Will buying a home prevent your from doing other things that are very important to you?
- Is the economy in your area stable or improving? (This will affect the appreciation and market values of properties.)
- How stable is your job?
- Will you have this home when you retire? If so, can you afford to pay off the mortgage before you retire? If not, can you afford the mortgage when you retire?
Even if you're just beginning to think about owning a home, and don't have many competing financial goals, it's important to consider the different facets of your life and financial picture when making such an important decision.
Use the tools in this Planning Center to determine:
- The tax savings a home could bring
- When it makes sense to buy vs. rent
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