Buying vs Renting
Have you heard the money myth that buying a house is smarter than renting?
Many say that buying house is a better financial decision because you’re not just “throwing money away” at rent. But buying a house is not the best decision for everyone.
It’s true that mortgage payments are hopefully going towards a wise financial investment…..but they are also going towards a lot of interest charges! My simple rule of thumb is this: if you don’t have enough cash for a 20% downpayment, don’t buy a house. Homeownership comes with a lot of responsibility and hidden costs which you need to be prepared for, while. Renting gives you a place to live and flexibility to easily move if you have a job change or your family grows.
Do you have more money questions? Ask Crown!