Buying gives you ownership of the property, while renting means you pay monthly to live in the property without ownership rights.
Your budget should be based on your savings, income, and any loan or mortgage you can qualify for, while factoring in other expenses.
Consider proximity to work, schools, amenities, safety, and the potential for future property value appreciation.
A down payment is the initial upfront payment for purchasing a property, usually 10% to 20% of the total price.
Closing costs are fees related to finalizing the property purchase, typically around 2% to 5% of the home’s price.
The process usually takes 30 to 60 days, depending on financing, property inspections, and other factors.