(Christian Science Monitor) I used to want to buy a house so I could have my own garden. Despite my dismal track record for keeping plants alive, I wanted to be able to grow more fresh food than a few sad herbs on a fire escape. With my own house I could also try out all those crafty home renovation ideas I saw on HGTV, I thought, or hang art without having to spackle haphazardly at the end of my lease.
The jump from renting to owning is a huge financial step, not just a change in lifestyle. You’ll need a potentially hefty down payment, solid credit and a plan to live in the same place for long enough to make buying worth your time and money.
Three-quarters of renters ages 18 to 39 say owning a home is better than renting because it’s a solid investment and protects you from rent increases, according to the May 2014 Fannie Mae National Housing Survey, but that’s only true once you’re financially secure enough to buy. That means for me, a garden will have to wait. Here’s why.
You’ll need to stay put for a while: Sure, renting feels like “throwing money away.” But when your lease is up, you have the option to move to a different neighborhood, get your own place without roommates or cram your stuff into a storage unit and travel the world.
