imageWhat Makes You Decide to Buy a House?

What Makes You Decide to Buy a House?

09Nov 2009

When you decide to move houses, one of the major decisions you have to make is whether to rent or to buy a new house. Of course, you would have to consider how long you intend to stay in your next home. You really have to evaluate whether you need to buy or rent.
Ease and Convenience of Renting
Renting is quite easy and fast. Once you've chosen your new home, you can negotiate for the rent and a lease contract can be drawn up and signed. Buying a house, on the other hand, requires more paperwork. It could also take a bit more time to get it done.
What's Your Budget?
Buying a house is a more costly. But then with the mortgage loans available nowadays monthly payments could be as affordable as renting a house too. Some houses can even have higher rent too. So it would depend on whether you can easily get a loan for the house.
Maintenance Costs
When renting, the maintenance and repair of the house is usually shouldered by the owner. So, it's really less of a burden for you. But then you would not own the house. You would only be paying for the use of the house. In effect, you are only giving the landlord money.
Investment and Sentimental Value
If you have a family and you intend to stay in your next home for a long time, it's ideal to buy a new house instead. You'll be able to preserve the memories that you create with your family in that house. Having a house makes your family secure of having a home no matter what. If you end up moving in a few years, you can always resell the house and even gain from it financially.

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