So if you can save up over several years to buy a home cash, would you recommend to do that over renting? In general, house and car are my biggest expenses, but if I can just pay for a home cash and drastically lower my monthly costs, any reason I shouldn’t And that renting is a better option anyway?
If you want to be a homeowner, then definitely go for it!
The reasons you shouldn’t:
- You plan to move within 5 years (the realtor and transaction fees may make it a bad financial move)
- You want to move a lot
- You don’t like doing maintenance or being responsible for upkeep
- You like renting
But, if you want to be a homeowner and have the cash, I say go for it!