Buying or Renting? Which One Fits Me Best?

Many individuals, couples and families are torn between the prospect of renting or buying a house. It is indeed a difficult decision to make since both have their owns perks and disadvantages. It all depends on your lifestyle, source of income and preference of course.

If you are still trying to decide on whether to rent or buy a house, you have to weigh things based on your current situation. Remember, what may be right for you is not exactly ideal for others. You also have to take into consideration not just your current status but also the future. Are you currently single? Are you planning on starting a family? Is your current source of income stable? Are you planning to settle in one place or are you planning to move in the future? These are some of the questions you need to answer before deciding whether to continue renting or it is time to make a purchase.

If you are planning on making a purchase, you also need to consult a Houston mortgage lender to see the loanable amount for you as well as the terms of their mortgage loans. However, it is best to weigh your options first before doing so.

Advantages of Renting

A lot of people will say renting is the best since there are no commitments. Just finish your contract, and you’re free to move to another place or extend it as long as you want. You can always explore many different neighborhoods and experience living in different areas with different styles. It is ideal to bachelors, but if you have a family, it is somehow tricky.

Another consideration is your job. If you are expecting to get transferred to another place or if you have any plans of relocating, then renting is more plausible for you.

Disadvantages of Renting

On the other hand, renting also comes with its problems. In the long run, you will realize, you threw away money in all those years of renting a place. You will not have any investment since the property is not yours. And also, you will not be able to make any changes as you wish. You need to consult the owner for every change or improvement you want to make.

Advantages of Buying a House

When you buy a house, you consider it as an investment. You may be paying your mortgage loan for many years, but at least you are paying for something you own and can sell if you want to in the future. You can do whatever you want with it and with no worries. It is your abode after all.

Disadvantages of Buying a House

However, owning a house also comes with a lot of responsibilities. You need to make monthly payments for the next ten to twenty years depending on the terms of your loans. You can always make an estimated calculation for this using an online loan calculator. This way, you can see how much you will need to pay a month to know how long it will take you to complete your payments on your set time.

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