When is it better to rent than buy a property?
If you doubt the idea of buying, then you shouldn’t buy at all because either you’re not ready to make this commitment or the whole idea might frighten you too much. A fact is certain: once you take out a monthly mortgage you should be prepared to become a house owner. So, are you? Study these reasons to rent a property!
Reasons to rent a property
For years you chose to be a tenant, and now a new question arises: should you buy a property and become a home owner? Take a look and see when it’s more advisable to keep renting… Remember: the financial factor is not all that should count!
You shouldn’t buy when:
Your job implies a lot of travelling
Some say it is not worth paying a mortgage when you have to travel year-round from one part of the world to another. Even this statement depends on your plans for the future and your personal desires… When making such an important decision, take your time and see if this idea really suits your needs. Are you willing to pay for a property you won’t use too much?
You are limited by your budget
When you cannot afford the down payment or you simply feel unhappy with your budget, then it’s better to take more time and get financially stable. In other words, you should get to a point that allows you to pay your mortgage, and enjoy life at the same time. Just have in mind the amount of time you’ll have to pay the mortgage. Will you risk being unhappy with your decision for such a long time?
You’re not ready for a financial commitment
We all know that purchasing a property is a huge decision. Being able to pay on a monthly basis for a property you’re not sure you really want will negatively affect your lifestyle. Do your numbers and ask for an advised opinion. Can you really afford paying for a house at the present moment?
You don’t believe this can improve your lifestyle
This reason is closely linked to the idea of not being entirely convinced this is the right thing to do for you. Specialists state that if you’re not 100% sure you want to become a home owner, then you shouldn’t do it at all, or regret it later. It’s your call!
You’re in a sellers’ market
From another point of view, if you believe the houses in your area of interest are overpriced, then you have two choices. Either postpone the moment of purchase, or switch your priorities and search for another neighborhood suitable for your needs. Remember: never stretch your budget more than you feel comfortable. It won’t do you any good in the future!
So, should you buy or should you rent? It depends on your future plans. It’s true that renting offers you more freedom and flexibility, but buying a home comes with its pros too. Weigh in your options and make the choice that best suits your lifestyle!
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