The big picture of buying or renting a house

The search for the perfect apartment is never-ending. Every people desire of having their home perfectly designed and chiseled according to their needs. Whether you want to move into a new city or you want to shift from your old place of residence, the hunger pangs for searching a perfect home continues. But you have to make sure that you take enough preparations and do a good research before choosing a new apartment, as it is a major investment.  Once you are convinced about a place, you can decide whether you want to rent it or purchase it. While renting or buying a house, many questions come to mind about the expenses, lifestyle, priorities, etc. One has to be sure that his desired home meets all his needs.

 

THE REALITY:

At first, you need to be sure that whether you can easily afford your necessities of life like daily expenses such as:

1) Utility expenses

2) Transportation/ Automobile expenses

3) Clothing

4) Groceries expenses

5) Child Care expenses

6) Household maintenance expenses

7) Savings

8) Insurance

9) Entertainment Expenses

10) Debt Payment expenses

11) Miscellaneous expenses

 

Now let’s check the disadvantages and advantages of both.

ADVANTAGES OF BUYING A HOUSE:

1) Owning a house of your own gives you a sense of satisfaction. Moreover, you can design your house according to your happiness.

 

2) A home with an old architecture and designing is of high importance. So, if you have stayed in your home for generations, it will give you an added advantage whenever you will want to sell it.

 

DISADVANTAGES OF BUYING A HOUSE

1) You need to get in contact with trustworthy builders otherwise you might not get the exact value for your money.

 

2) Whenever you own a house, you need to take care of the maintenance cost, as every house requires time to time maintenance.

 

ADVANTAGES OF RENTING A HOUSE

1) For the nomadic lifestyle or those who regularly have to change locations as a result of jobs, renting is the best option.

2) The maintenance part of the house won’t worry you much.

3) Renting a property does not require down payment, but owning one does.

4) Your initial investment is not much.

 

DISADVANTAGES OF RENTING A HOUSE

 

1)  The Landlord may not respond quickly to maintenance issues, and you might have to stay in a not so well maintained house.

2) The landlord doesn’t prefer the renters to carry out renovations to the property. This will make you feel restricted.

3) Your own sweet home gives you a lot of privacy over any rented house.

4) Increase in rent is a stressful issue.

 

In every city if you are looking for renting then you should follow these simple and easy tips:

 

1) Initially, check the location where rental house is located.

2) Finally, check the condition of that particular apartment or house.

 

HOW TO BUY A PROPERTY?

If you have decided to buy your own house, I will highly recommend you not to buy on cash instead get a mortgage loan.

   

HOW TO APPLY FOR MORTGAGE LOAN?

You can quickly get a mortgage loan, but there are some criteria that you have to take into consideration:

1) Having enough money in your savings account is a must.

2) If you have a secured job, you can easily apply for the loan without much hesitation.

3) You need to have a high credit card score for taking a mortgage loan.

 

Regardless of what decisions the above points yield, I believe that in the end, one should buy a home because it brings happiness. Even if you haven’t thought of investment initially, you can always turn your home into a potential source of income. You can rent out a part of your property which can help you to partially offset your mortgage, down payments, and taxes. The nice thing about owning a house is it gives you the freedom to make it yours. Rarely can you paint the way you want when you rent? Your house will feel much more like a home than any place you ever rented over the years.

Also, you don’t have to worry about pets. If you own pets, especially dogs, it can be challenging to find a place to rent. Owning gives you the freedom not to worry about these things. However, renting a home can be an option for an individual to save money, buying a home instead provides security for future investment. Moreover, once you rent an apartment, it is effortless for the landlord to kick you out of the apartment if you don’t pay him.

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