Resources The process of buying a home can be stressful, even if you’re working with a professional real estate agent, like myself. Buying a home can seem like a daunting process — it just may be the most expensive and emotionally charged purchase of your life. But even during a pandemic, with careful research and determination, the keys to that dream home can be yours. Before taking the plunge into the buyer pool, it’s important to consider whether home ownership is right for you. When looking for a new place to live, the first question you ask yourself will help drive the rest of your decision-making. Should you rent or buy? Buying may seem appealing because you will put an end to escalating rent and can build equity. But the reality of routine home maintenance and repairs can quickly drain a bank account. In general, whether renting or buying is better for you largely depends on your specific circumstances. Here are some basic questions to consider when thinking about buying a home: • How long do you plan to stay there? If you expect to relocate in just a couple of years, renting is likely a better option. • How much home can you afford? If you can’t afford a home large enough to fit your family in a few years, it may be worth it to rent while you save a bit more. • What’s on the market? If you can’t find a home you like, it’s likely not worth tying yourself to something you’re unhappy with. Another factor to consider: The current housing market is one of the most competitive in decades, with record-high prices and record-low inventory. That means buyers should be prepared to make multiple offers
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