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Home ownership means you no longer pay monthly rent for the roof over your head. You can do what you want with your house (within reason). When you leave, you can sell it to recoup the purchase price and – with any luck – earn a profit too.
But don’t kid yourself. Home ownership comes with a slew of disadvantages, responsibilities, and downright headaches.
So before going any further, consider whether your lifestyle and finances make home buying a smart move.
TIP: High costs mean you should be prepared to stay put. Except in a roaring real estate market, it usually doesn’t make sense to buy a home you’ll own for less than three or four years. Reason: the high transaction cost of buying and selling property means you could lose money on the deal. If you do make money, you’ll pay capital gains taxes if you’re in the house…
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