Is it time to buy or rent?
Timing is everything.
The choice should be a business decision not an emotional one. If the bank tells you your ratios are too high, take it as a blessing that this is not a sound selection at this time.
Pros:
Buying a house is a tax deduction (assuming you need a deduction).
Owning a house gives you the freedom to stay as long as you like and do what you want.
Cons:
If you are thinking employment promotion or moves upward- you will be stuck with location.
Often you can rent cheaper, but with a limited palette and expect increases.
Solutions:
Buy less than you think you can afford which allows breathing room.
Put as little down payment as you might and let the insurers’ bear the worry.
Shop very carefully for a deal.
Take your time. Do not fall in love with a house it is just a thing.
Enlist expert representation and investigate everything.
Everything in the universe falls apart- have a budget for those older items in the house.
