A home is probably the largest single purchase that most of us make in our lifetime. It’s a huge expense. But, there’s an interesting story out on realtor.com that says even with the expense involved, you still could save more than $200,000 over the next 30 years if you buy a home now instead of renting.
I know, that’s over 30 years. What about your money now?
Well, get this: Wait just one year, and you throw nearly $19,000 in savings down the drain. Delay for three years, and that figure jumps to $54,879.
The penalties are so high because mortgage rates are forecast to increase and because home prices are rising quickly, according to Realtor.com’s chief economist, Jonathan Smoke.
But making that first home purchase is a big step, and one that you need to be ready for. Even if you are just thinking about possibly getting ready to start preparing to buy a home (that means in the very early stages), sign up for a free new homebuyer’s class.
Credit Counseling of Arkansas offers a class monthly, and the next one is this Saturday, June 6. This day-long class walks you through the entire homebuying process and answers any questions you might have. It’s a great way to take some of the mystery out of the process and help you start getting your ducks in a row.
Download the flier for more information on the class. If you can’t make the June class, try for next month’s class.
As always if you have questions about buying your first home, give me a call. I’d be happy to help.
You can read the complete article here, that details how they came to the savings amount, which does vary depending on the area of the country.