Part 3: Why You May Want to Hold Off on Buying Your Home: The Importance of Diversification: You Need More Assets - Diversification means holding a wide variety of assets such as equities, bonds, cash, and yes, real estate. The point of diversification is to enjoy the benefits of investing while protecting yourself from its risks. Investing in many different assets...
Part 2: Why You May Want to Hold Off on Buying Your Home: How to Make Your Mortgage Tax-Deductible - One of the biggest expenses of homeownership is mortgage interest – the cost that your financial institution charges for lending you money to purchase a home. In the United States, this expense can be deducted from your taxable income. In Canada, mortgage interest on a personal residence is...
Part 1: Why You May Want to Hold Off on Buying Your Home - Homeownership costs a lot more than just your mortgage payments. You will also have to pay for property taxes, maintenance, insurance, utilities, and transaction costs such as legal fees and a land transfer tax. If you purchase a condominium, you will have additional monthly fees for that as well. While you may be building equity in your home every month, that investment will likely be quite small compared to your costs...
Enter your e-mail to receive updates on new articles from Modern Money, the ultimate guide for young professionals.