“To buy or to rent?” Recent graduates, young couples, relocating professionals and others have all asked themselves this question at one point or another. While each option has its benefits, the decision to purchase an apartment, condominium or house as opposed to renting, is complex and based on a number of factors. According to a recent survey from the National Association of Realtors, nearly eight out of 10 respondents believe buying a home today is a good financial decision. The question that remains is whether or not now is the right time to purchase a home for you.

For most people, deciding to purchase a home is the largest financial decision of their lifetime. Before making the jump into homeownership, potential home buyers should consider the “soft” lifestyle issues as well as the “hard” financial ones. The professionals at Coldwell Banker Grass Roots Realty have provided the following four financial and lifestyle questions to consider when determining if buying a home is the right decision for you:

1. Do you have a steady income? At or near the top of every potential homebuyer’s mind is whether or not they can afford to buy a home right now. Buying a home remains a sound financial decision for those with documented income and a good credit history, and a steady income can provide a strong backbone for the initial down payment and future mortgage payments. Buy-versus-rent calculators available on websites such as coldwellbanker.com offer a good start, but there are numerous factors beyond straight economics that also need to be considered. Don’t hesitate to speak with a real estate professional even before you’re ready to buy a home. Along with a financial planner, a real estate professional can help you answer and uncover questions about the cost of homeownership.

2. Do you plan to stay in a home for an extended period of time? With proper planning, a home purchase has historically proven to be one of the safest investments one can make. Along those lines, it’s imperative to understand that investing in a home is much different than investing in a stock portfolio. Homes typically appreciate in value over time while the owner builds his or her equity through monthly mortgage payments.

Home – Where your story begins…

To learn more about how Coldwell Banker Grass Roots Realty can help you buy or sell a home, please call one please call one of our four offices in:

Grass Valley Office at 530-273-7293
855 Sutton Way, Grass Valley, CA 95945

Nevada City at 530-265-3282
108 Union Street, Nevada City, CA 95959

Penn Valley at 530-432-1131
11364 Pleasant Valley Rd, Penn Valley, CA 95946

South County/LOP at 530-268-1575
10193 Combie Rd, Auburn, CA 95602