Reasons to Buy or Rent
Many buyers are driven by the more meaningful desire to be a homeowner. The freedom of a landlord not going to raise your rent or ask you to leave their house.
Here are a few points to consider when deciding whether homeownership or renting makes better sense for you.
Reasons to Rent
- Career uncertainty. Renting is acceptable if you are having job relocations so often or have little income.
- Income uncertainty.If you expect a pay rise or cut in the near future, that can change your borrowing ability as well as impact your ability to pay a mortgage.
- No maintenance expenses.When it comes to maintenance, this is mostly done by the landlord.
- Utilities. The landlord may or may not pay for utilities such as water, sewer, garbage among others.
On the other hand, you may have no control over the fluctuation of your rent since you are not the landlord. To have peace, you want buy your own home. And here the other reasons why you may consider buying.
Reasons to Buy
- Home Maintenance. If you live in a house, you can decide how to approach maintenance, either doing it yourself or picking your own contractor.
- Control on what you do. You like change wall painting or put dozens of pictures on the wall? You can always do it without issues. You can even create another window.You can do pretty much anything.
- Equity. When you pay rent, you are paying your landlord’s mortgage or adding equity to their bank account. However, when you have a home mortgage, you increase your degree of ownership in your home with every payment.
Whether you consider buying or renting, it depends on where you want to live, the money you have and the lifestyle that you want to live.
I want to Buy a home
|The money you need to purchase a home depends on:|
||2. Down payment needed||3. The money that you have|
I need a home but I don’t have money now. Can I get a loan or Mortgage?