BRYAN, Texas (KBTX) – It’s no secret that buying a home is on the list when it comes to living the American Dream. However, deciding whether or not to buy is a big financial decision that depends on who you are and the lifestyle you choose to live.
Local Realtor Jeff Mills and Mortgage Loan Officer Jenny Donaho stopped by Tolu to break down the benefits of buying a home and renting.
According to Mills, the advantage of buying a home instead of renting is not having to pay someone else’s mortgage. He added that a house is a big investment.
“Buying a home is the first step in building wealth,” Mills said.
With the housing market constantly changing, Donaho explains that now is a good time to make a big purchase.
“If we look at historical data, what you see is that this is the right time to buy a home. What you see is that home prices have remained at up. It’s still growing, and it’s a good time,” Donaho said.
Donaho says if you wait to buy a home, you’ll miss out on equity.
“What happens is that the price of the house has gone up and the house you wanted before has gone up in price,” said the mortgage officer.
Mills says if you’re not sure if you’re ready to buy a home, he says talk to a real estate agent or mortgage broker.
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