Deciding Whether to Buy
In This Chapter
Considering the pros and cons of owning and renting
Avoiding common mistakes when deciding to buy or rent
Every month, week, and day, we buy things large and small: lunch, a new pair of shoes, and every now and then, a car.
Most people buy things without doing much comparison shopping, but instead draw upon their past experiences. When the counter help at the nearby coffeehouse is friendly and you like the brew, you go back for more.
Sometimes purchases lead you by association to related purchases. You get a pet cat or dog, for instance, and buying a collar and pet toys may naturally follow. By the same token, you buy a home, and before long you have a new television and gardening gloves.
You end up being really happy with some items you purchase. Others fall short of your expectations . . . or worse. When the items in question don’t cost you much, it’s no big deal. Perhaps you return them or simply don’t buy more in the future. But when it comes to buying a home, that kind of sloppy shopping can lead to financial and emotional disaster.
If you’re not willing to invest time, and if you don’t work with and heed the advice of the best people, you could end up overpaying for a home you hate. Our goals in this book are simple: to ensure that you’re happy with the home you buy, that you get the best deal you can, and that owning the home helps you accomplish your financial goals.
Weighing the Advantages of Owning versus Renting