(4) Home Purchase Affordability
It is one of the most essential factors to decide on renting or buying a home. First-time homebuyers should never hesitate to meet with a mortgage lender. It is needed to determine your eligibility for a mortgage as well as the amount of money you can borrow.
Your ability to qualify for a mortgage loan will largely depend on several important factors. Some of those factors include credit score of more than 620, steady flow of income, debt-to-income ratio of below 40%, as well as good cash reserves in your savings banks account.
If you are unable to meet these standard criteria for mortgage then it will be better to opt for renting a room or an apartment until you become eligible for a mortgage.
(5) Freedom Of Remodeling House
It is one of the most wonderful factors to decide on renting or buying a home. Most of the individuals prefer to live in houses designed or remodeled according to their own choice.
If you are a homeowner then you will automatically get freedom of remodeling or renovating your house whenever you like as per prevailing trend in housing market.
You can easily go for painting the walls, changing the cabinets, having a large dog or any other pet animals you like, and many more. This freedom to renovate a house is often very difficult or sometimes even impossible in a rental situation.
If you are a person who loves to experiment home remodeling or renovation projects too frequently then buying a home will be much better option for you rather then renting a private house.
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