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If you take that money and spend it on a down payment, you’re tying up your liquid assets in a home that may not appreciate enough for it to be financially viable for you. In the current housing market, there are far fewer homes for sale but far more apartments. Renters have leverage and bargaining power to get great prices.
Renting also gives you the opportunity to test new places. If you’ve lived in the Northern United States your entire life and want to migrate south, renting gives you the opportunity to make sure you like your new home before you commit to it.
When Owning Still Makes Sense
If your home is paid off and you have no plans to move, staying in your home may be the better option. You have the option to pull equity from your home with programs like reverse mortgages or HELOCs if necessary, but you also don’t have to if you don’t need the liquidity.
Additionally, many people see passing their home to their heirs as an achievement to help build generational wealth. Even though you may need more services like maintenance and repairs as you age, the financial benefit of living in a paid-off home could outweigh the costs associated with those services.
Ultimately, the decision to own or rent comes down to the lifestyle you want. There are pros and cons to both situations, but a financial planner can help you decide which works best for you.
Disclaimer: This article is for informational purposes only and does not constitute advice.
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