The world has changed dramatically in the last few months, and it has affected nearly every aspect of daily life. More people are staying home to work and for school. Many people, including some here in Memphis, may think that it would be a good time to buy a home, but that may not be the case.
In some neighborhoods, a mortgage loan payment costs less than rent. However, it also comes with other expenses that individuals may not consider in their haste to find better and/or less expensive living arrangements. People may fail to account for issues such as repairs, taxes, insurance and other expenses that come with home ownership. Over the long term, they could end up paying more than they did when renting.
Other considerations have nothing to do with money, but with time. When owning a home, routine maintenance issues come down to the homeowner. When renting, fixing maintenance issues falls to the landlord — this includes the labor and the costs associated with repairs, replacements and any other work required. Of course, homeownership suits many people, and the “extra” costs may be worth it to them.
The decision to buy a home should never be taken lightly, but in these uncertain times, it may require even more thought. The job market, the economy and the health of individuals here in Memphis and elsewhere could change at any time. Before an individual considers what is often the largest purchase he or she will ever make, it may be a good idea to carefully consider all the pros and cons. An attorney may be invaluable in helping make this decision and in ensuring the buyer’s rights and interests are protected throughout the process.