I was talking with a young couple the other day about their plan to relocate to another state later this year. Questions came up as to whether to buy a home or to rent (currently they are renting). Although it may make sense to rent for a few months to become acclimated to their new environs, which is better from a longer-term perspective?
We have a video on our website in the Lifestyle section under the Education tab regarding this topic: To Buy or Not to Buy.
Everyone’s situation is unique, so it is hard to make generalizations. Many other factors present themselves, for example, should they wait to buy until their college loans are paid off?
Another related question that surfaced was what type of mortgage would be best for them. We have a couple articles on our website about mortgages, again in the Lifestyle section under the Education tab: Lots of Variables with Fixed-Rate Mortgages and Should You Choose a Fixed or Variable?
Hopefully, today’s topic has been helpful to those of you who find yourselves in circumstances similar to this young couple. There is a wealth of good information in the Education section of our website that we will highlight occasionally. As I have said many times, we are committed to financial literacy.
Until next time, cheers!