There comes a time in life, when you have to decide whether it will be better for you to buy or rent your house. How one make such a decision without faltering is what we will discuss in this article.
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Should you Buy or Rent your house?
This situation is one, in which many people are faced with in today’s housing market. The fact is, there is no wrong or right decision to make, there is only a decision.
Some people are of the opinion that that buying is better than renting while some are vice-versa. I cannot actually tell you which one is better, but I will let you make the choice in the best interest of yourself and family. There are certain frameworks and guidelines you need to know to make such decision and we will look at them shortly.
It is not easy to figure how much you’re intending house will cost, what we know is how much funds we have to spend on our desired house. We have to look critically if the rent cost will rise and how man percent it will rise every year.
Today’s renting cost is skyrocketing at an alarming late depending on the area and the type of house you wish to rent. You also should not forget that some apartments are not worth the cost, don’t be scammed, be wise!
Buying an apartment is every individual dream, because everybody wants to be an homeowner, but how easy is it? For a fresh owner, it is quite difficult financing a new home. Most people don’t pay cash anymore; even most sellers don’t accept straight cash due to numerous stringent financial policies. Prospective owners have to look at the down payment policies and terms and interests on financing.
Moreover, another factor worth looking is closing cost which occurs when buying or selling an apartment. There are also numerous tax considerations, because owning a home comes with some benefits and downsides. For example, the idea that you have to pay taxes on properties is a disadvantage on its own. Another thing to consider is that of home value. Over time home values generally go up but depending on your place of abode and the state of well-being of the apartment it may come down.
The lower the interest rates on mortgage, the better the buying option. Due to various financial complications, mortgage rates today are not as favorable like before. Today’s mortgage rate has gone over the roof. An individual should consider if he or she is in a good financial position to be able to cover all cost. This is something to bear in mind when deciding to buy or rent your house.
Proximity to workplace
When considering if you should buy or rent your house, one should not be too mindful of money and leave out distance to job.
It is well documented that houses in the cities or thereabouts are more expensive than those far from the city. Hence, those who work in the city have to decide if they will be able to afford the ever-high city fees or prefer the modest but far rural settlement. The choice is yours and should be made with the interest of yourself and family.
Finally, whatever you decide, make sure that it is what makes you happy and comfortable ,and not that you are getting a house to please someone. Do what makes you happy.