Think about the financial ramifications of remaining a renter.
Think about the cost of rent in five years versus the costs of home-ownership.
Why or why not?
What is the reasoning behind your decision?
What is keeping you from becoming a homeowner? Is it Credit, cash, job security, marital status? What will change (if anything) in the next few years that will impact your desire to become a homeowner?
Is your income keeping pace with rental increases?
Can you continue to afford to move every few years?
Where do you move to if you get ‘priced out’ of your current neighborhood?
Where will you live during retirement when your income decreases?
Write down the projected costs of rent in five years and compare it to the potential (fixed) cost of home-ownership using the ratios in the book (see Chapter 8). Is there a measurable benefit?
What can you afford to purchase today? Will this measurably change in five years?If the answer is no, and home prices are rising, then you have reason to consider purchasing now.