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.

(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.

[Read Also: 20 Best Signs To Identify Home With Good Resale Value]

(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.

Image Source: Shutterstock

Recommended Posts

More From GetUpWise

About Editing Staff
At GetUpWise, we are a team of professional writers from different areas of subjects. We are conducting thorough research on each & every topic from highly reputed sources before writing any piece of article. Once research is done, we try our best efforts to provide informative piece of articles in an easy to understand manner. It is something that is extremely essential to meet our goal while reaching & offcourse building a strong online community. We do update our articles from time to time in order to provide the most latest information quickly. Thus, our articles can be used as a "way to gain smartness".

Leave a comment

Your email address will not be published.


*


More in Real Estate & Mortgage
Dirty Secrets Your Real Estate Broker Will Never Tell You.
20 Dirty Secrets Your Real Estate Broker Will Never Tell You

Real estate brokers play a major role in closing a property deal. These dirty secrets your real estate broker will...

Close