Home is the place where most of the time is spent with family. These key factors to decide on renting or buying a home are unbeatable.
Home buying process is one of the biggest & most important financial decisions in your life. Therefore, people are often confused in finding whether buying a home is the right choice or renting a home is right choice.
Truly speaking, there is no single right answer that fits for every individual. Several factors can affect your decision to buy or rent a house for your living.
You should understand & analyze each & every factor depending on your personal finances & prevailing lifestyle. Here are 16 key factors to decide on renting or buying a home:
(1) Period Of Stay
It is one of the best factors to decide on renting or buying a home. Home buying process is an expensive investment option. It can build emotional attachment in the minds of homeowner as well as all family members.
You can’t buy a property just for selling it within a short period of time to make money fast. It is because those days of house flipping are over now.
If you are planning to buy a home, be prepared to stay for a minimum period of 5-7 years. It is necessary in order to compensate the cost of purchasing a home; to survive in a real estate market; as well as to build home equity.
However, if you are unable to stay for long period of time in a house then probably you are not a right candidate for homeownership. You should better go for renting a house, flat or an apartment for your lifestyle needs.
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