With the real estate market slowing, many potential homeowners and investors are worrying that they missed the boat. But it’s not too late.
According to David Bach, author of the best-selling “The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate,” buying a home is still a wise move.
“We’re seeing home ownership become accessible to more people,” says Bach.
But owning a home isn’t for everyone. Those that don’t want the expense of maintaining a home and the commitment it involves may consider continuing to rent. The renter is able to move quickly and has little responsibility in the long run. And they have less of a financial interest in the property.
If you are convinced that your area is still in a housing bubble that will start to go down soon, you might consider waiting to purchase until conditions are more favorable to you.
If you have doubts whether owning or renting is best for you, you should consider all of the costs, pros and cons and long term consequences.
One pro that is rarely brought up is the net worth of a homeowner. American homeowners have a...
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