Planning to shift in? Confused about the type of possession? While buying a house may give you a huge financial stability, renting a property may provide you with a fiscal flexibility. Still, when time comes to get your own place to live, purchasing a house is something that strikes people’s mind on the very first note. However, this post is going to give you a valuable insight about the same and help you with the process.
When should you consider buying?
Are you going to start a family? Want to get married? Or, thinking of having children? Well, these are the common reasons why people need a house of their own. Apart from providing you with a huge financial asset, a purchased house always hems you in a financial discipline. The EMIs will actually put off the lenders from dissipating your money. Also, the fact that the net value of a property increases over time would act as a stimulator to boost your net worth. Moreover, financial security is one of the main things to consider while purchasing a home, as an owned property will never give you the tension of moving from one house to another as soon as the lease agreement ends. Last but not the least; a purchased home, flat or apartment would always give you a sense of stability, thereby providing you with a greater peace of mind.
When should you consider renting?
Do you have a job that makes you travel a lot? If yes, then renting is always a better option than buying. Not being tied down to a home not only makes it easier for you to take up the stand, but also opens up a number of opportunities for your career mobility. At the same time, you might not be having enough money to opt for a mortgage loan that requires a down payment of at least 10-20%. In such case, renting is always a wise option, or you may finish off with a huge amount of debts at stake.
Take the right decision at the right spur of time!
To conclude, you should only buy a house if you are going to stay in the locality at least for quite a few years. If you have any such plan to relocate in near future, it would be better not to opt for a purchase. Also, in case, you are working in a sector where employee dismissal is quite common an affair, renting is always a good pick, as there will be no liability from your end. Last but not the least; provided the interest rates on home loans are quite high, you should always seek the experts’ advice or check several online portals to come with the right decision.