When it is time to get your own place to live, you immediately think of buying a house or an apartment. Renting, however, is another available option which you should consider. Sometimes renting a place is better than owning it. Read on to see if you should buy or rent property.
When should you rent?
When you do not have money. Just because your pocket is empty, it doesn't mean that you can't borrow money to buy a house. However, a mortgage loan requires at least a 10% down payment. Plus, if your credit rating is bad, the bank will refuse to lend you money. In this situation, renting is the only option you have. Otherwise, you may end up with even more debt if you don't manage to pay the mortgage. When you don't plan on staying for too long. Whether it's your job, or you are hunting for a better opportunity, if you plan on moving soon, it doesn't make sense to buy property. Paying rent becomes disadvantageous after five or seven years. If you don't plan on staying longer than that, you will save more money by renting a house. When renting is more cost-efficient. If you don't manage to get a good mortgage loan, you might consider renting. In some cases the mortgage may cost three or four time the amount you pay as rent.
When should you buy? ฝากขายที่ดิน
When you want to start a family. If you want to get married and have children, you'll need a house of your own. When renting the contract may prevent you from changing the house. This can be a problem if you have children. It is better to own a house if you are planning on having a family. When you are ready for the extra responsibilities. Being a homeowner means having a lot of new responsibilities. You will need to take care of the house which means paying the bill, the mortgage, taxes and maintenance costs. When you have the money. Don't rush! First, make sure your credit rating and debt are under control. Do not forget that the mortgage is just a part of the costs you'll need to cover! It is better to have all the money before you buy a house.
All in all, buying or renting a house depends on your financial situation and on how ready you are to take on new responsibilities.
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