![]() Review your bank statements and spending habits for the last couple of months to figure out how much you are spending on everything from cellphone bills to streaming services to your weekly restaurant takeout. To determine how much you can spend on a home, take a close look at your budget. If both your lifestyle and the hard numbers point toward buying, the next step is to determine how much home you can afford. Still can’t decide if buying is for you? Check out The Times’s rent-versus-buy calculator to dig deeper into the difference in expenses. That means buyers should be prepared to make multiple offers and be aware that they may have to pay more than a home is listed for - sometimes thousands of dollars more - in order to get their offer approved. 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.Īnother factor to consider: The current housing market is one of the most competitive in decades, with record-high prices and record-low inventory.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.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.Here are some basic questions to consider when thinking about buying a home: ![]() In general, whether renting or buying is better for you largely depends on your specific circumstances. But the reality of routine home maintenance and repairs can quickly drain a bank account. Should you rent or buy? Buying may seem appealing because you will put an end to escalating rent and can build equity. When looking for a new place to live, the first question you ask yourself will help drive the rest of your decision-making. ![]()
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