Are you in the middle of a decision making on whether to buy a house or just keep renting your apartment? Either way around it’s a personal choice. With the low interest rates and flat home prices that are offered by banks and real estate companies, one would really think twice if to buy a house or just keep on renting.
Recently recorded low interest rates have played a significant role in keeping the cost of borrowing low and plunging down monthly mortgage payments.
Related: How to buy a houseHere are the experts’ take on whether to buy or rent a house. Click To Tweet
- Location – it is imperative that you dig into the date into your local market. It is also wise to take into account the price of a down payment, purchase costs, and utility and maintenance fees in different cities.
- Longevity –ideal to buy a house if you plan to live in an area for fewer than three to five years. If you buy a house and sell it within a couple years, you will not see the return on your investment.
- Maintenance –Be aware that when you buy a house you also need to be ready to pay higher insurance and maintenance costs on a home.
- Upfront Cost – Homeowners require 20% of the cost of the house as down payment.
- Return on Investment – Home prices are on the hike and housing inventory is the lowest in years, showing that real estate is in high demand. This is a step in the right direction if you become a homebuyer and desire to sell at the right time.
- Location – It is really tempting to buy house specially that banks are offering low interest rates. Again, think twice if you are really in the position to buy a house otherwise just rent if it is what you can only afford.
- Longevity– It is wise enough to rent instead of buying a house if you can only commit to staying in the same spot for a year or two.
- Maintenance If you’re not ready to shell out from your pocket when your water line leaks, then by all means, RENT. Click To Tweet
- Upfront Cost – If you can’t afford the upfront cost of buying a house, all you can do is rent. It’s the best alternative for someone who is on a tight budget.
- Return of Investment – When renting, there is no chance you will get back the rent you put into an apartment.
Buying a house will give you ROI–something you will never see as a renter. Click To Tweet
Deciding whether to buy or rent a house is one of the biggest financial decisions in our lives as adults. When the time comes, you can outsource to virtual assistants to look for properties online that are suitable for you and your lifestyle.
Now that you have read some advantages and disadvantages, consider these three general questions before deciding:
- How long do you plan to stay?
- What is your financial status?
- What does the future hold?
Also, to help you out with costs estimation, here is a link to buy or rent calculator.