|alexanderhall92 (alexanderhall92) wrote,|
@ 2012-06-24 23:08:00
|Entry tags:||new home|
Should I Rent or Buy a House
I have pondered this many times in the past. I didn't buy my first house until I has 44 yrs old. Up until then I rented. No problem with either one. Depends upon your specific situation. Many folks rent all their life (many military families for example). Some hold back until later (like Used to do).
In either case, choosing what's best for you and your goals is the greatest fit.
Make a list of what you currently have:
1- Have you got a steady income (requirement for both)
2- Have you got a deposit (for buying) - (at least 3.5% of purchase price for FHA loans) and the loan payment plus taxes and insurance.
3- Have you got 1st months rent and can you pay the monthly rent (for renting)
4- Have you got the right area picked out (renting or buying) (schools, job commute, safety)
Purchasing a house depends upon much more factors than just a payment in advance:
1- It's YOURS! And you can remodel and do what you want (based on city codes and HOA)
2- Nobody let you know to leave so long as you are current in your mortgage and taxes
3- Sense of pride and status of ownership
buying a house
1- Are you able to afford your own upkeep/maintenance?
2- What if something breaks - do you have the funds to repair or replace it?
3- How long do you plan to stay in the home to earn enough equity to market? (resale value/realtor fees to cover what's owed on loan)
Renting a house is an option for many:
1- Less upfront money up front.
2- Different length of leases (3-6-9-12 months).
3- More freedom to move around.
1- It's NOT yours! Restrictions on pets, painting, remodeling.
2- Landlord can request you to move simply because he wants the home back (after honoring lease).
3- Landlord may not maintain it well.
Again, Either way, choosing what is best for you as well as your goals is the greatest fit.
However, you could purchase a house and let (PRO for buying). Become a landlord and make some good extra monthly income (my neighbor does!) plus much more perks!