Purchasing a home is a big decision. There are many factors to consider. Most importantly, what is your budget? Is now the time to rent instead? How do you know?
If you do become a homeowner, what about your mortgage? Should you go full-force and pay it off as soon as possible? Or are there advantages to carrying the mortgage?
The answer is not the same for everyone. Let’s take a look at factors that can help you make this decision.
Buying vs. Renting
Paying off the Mortgage
First thing’s first, can you afford to buy a home? If the answer is “Yes” to these questions, you may be on your way to home ownership:
Next consider which is more beneficial. Renting may be less expensive because there are no costs for maintenance, taxes and homeowner’s insurance. However homeownership may be beneficial because your mortgage will not increase annually.
Congratulations, you’re a homeowner! Now what?
These are just a few important questions to consider as you assess and strategize your financial future.
A retirement plan advisor can help you make sense of the information and make these important decisions. If you have questions or seek assistance, please call your plan advisor for assistance.
How SDM can help?
The SDM Advisors Retirement Service was created to support senior management with design, implementation and maintenance of a retirement plan. We understand the importance of providing meaningful retirement benefits to your employees while maximizing your tax benefits. At SDM, we are your trusted financial advisors, taking the time to fully assess your potential investments and verifying that you are within the set boundaries at all times. As trusted advisors, the Retirement Service at SDM incorporates investment guidance and consultation services not only for senior management, but employee and/or participant consultative support as well. Contact us for more information.
Securities and Advisory Disclosure: Securities offered through ValMark Securities, Inc. Member FINRA, SIPC. Fee based planning offered through SDM Advisors, LLC. Third party money management offered through ValMark Advisors, Inc a SEC registered investment advisor. 130 Springside Drive, Suite 300, Akron, Ohio 44333-2431. 1-800- 765-5201. SDM Advisors, LLC is a separate entity from ValMark Securities Inc. and ValMark Advisers, Inc.