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.

(14) Changing Mortgage Rates

It is one of the most beneficial factors to decide on renting or buying a home. Mortgage rates can change from time-to-time. Mortgage rates have two possibilities, either they will rise in coming future or they will fall over time.

If you think that mortgage rates are extremely low then it will be much better to buy a home during this period instead of living a renter’s life.

However, if you think that mortgage rates are higher in present scenario & may decrease over time then it will be much better to rent a home till the rates are minimized.

[Read Also: Top 6 Reasons For Not Paying Off Your Mortgage Quickly]

(15) Big Financial Expenses

It is one of the biggest factors to decide on renting or buying a home. Certain situations may require you to spend big funds that can’t be ignored at any cost.

Some of the situations that may require you to spend extra money include marriage ceremony of your children, costly medical treatments, education expenditures and many more.

You need to maintain an emergency fund to meet those needs. However, if you don’t have any emergency funds then you should start saving your money by living in rented house & avoid buying a dream house for some period of time.

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