Going from renting an apartment to owning a home is a big step that can impact your finances and your lifestyle.
It’s important to understand the pros and cons before making a decision, and you’ll also have to weigh your needs. You may want more room and autonomy over your living space. Or you may prefer the conveniences of apartment living, particularly in a complex that provides many services and features, like gyms, pools or media rooms.
Here are four things to consider as you decide between a house or apartment:
Typically, when looking at buying a house, you’ll compare the amount you would pay every month to the rent you’re currently paying. But experts say that’s just the starting point; part of your monthly mortgage is going toward paying off your interest.
For a more accurate comparison and calculation, deduct the amount that’s going toward interest … Read more