Renting Or Buying A Home? 16 Key Factors To Decide Your Choice

Factors to consider for renting or buying a home. Business woman thinking to buy or rent a home.

(2) Cost Of Buying A Home

It is one of the most critical factors to decide on renting or buying a home. Your decision to buy a house is largely dependent on your local housing market.

First-time homebuyers should use an online house rental rate calculator as well as home purchase cost estimator to analyze their home affordability.

You should not forget to contact a reputed mortgage lender to understand all basics of a mortgage process. You should also not forget to pre-qualify to know the amount of money you can borrow from them.

Some of the cost associated with purchasing a home includes down payment, closing cost (usually 2-5% of home price), moving cost, cost of professional home inspection, and cost of repairing or remodeling of your newly purchased house, etc.

An extremely low mortgage rate along with rising apartment rents in your city can make you a suitable candidate for buying a home rather then renting a house room or an apartment.

[Read Also: 10 Key Factors To Know Before You Apply For A Mortgage or Home Equity Loan]

(3) Your Future Plans

It is one of the most important factors to decide on renting or buying a home. You can’t predict your future exactly. But, by thinking carefully about your future plans regarding your career & personal life, you can easily prepare yourself to meet your goals.

If you hope to relocate to a different place in near future for the growth of your career then renting a room or a private house will be the best option for you, unless you want an investment property.

If you are single & hope to get into marriage relationship soon then you have to look for purchasing house/flat/apartment. It should be comfortable enough to accommodate a small family.

You should also consider about possibility of only one spouse working & sufficiently meeting your housing budget.

Image Source: Shutterstock

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