We have all heard that the “American Dream” is to own a home of our own. It is nice to be able to say you own your home instead of renting but in some cases renting may be a better option. With the extreme increases in the price of homes in some parts of the country it is not feasible for some families to buy a house like they could have before.
When considering to purchase a home there are some things to keep in mind. How much will your additional expenses be. Some people think if they have been paying a certain amount a month for rent, that they can afford that amount of a monthly mortgage payment also. Whey you have a mortgage there are additional expenses such as real estate taxes and insurance that will be included in your mortgage payment. Also when buying a house you will have expenses for repairs, upkeep, utilities and yard work & snow removal. And if you are moving into a larger space you may feel you need to buy new or more furniture.
Another thing to keep in mind is the neighborhood you are looking at. Can you afford to live within a school district of your choosing?