Getting your first home can indeed be an incredible milestone in your life. In accordance with this, you may feel a mixture of many emotions like gratification, happiness but at the same time, there’s nervousness that may impair objective viewpoint. You feel nervous about this big decision that you have to make, most likely the largest financial decision in your life. And one of the most common concerns you have to face is – are you going to acheter ou louer or acquire? Let us discuss about buying vs . renting in this post.
Before you formulate any further decision about moving on your own, you have to ask yourself, could now be the time that you buy your own house or are you better off hiring a home?
When to rent?
Living solo? Renting a home could be more suitable for you. Living alone in a big house may be a little too much – too much space and too much work or perhaps cost for the upkeep. If you don’t have the money for a down payment all the things the costs of owning a house then renting is likely a lot more advisable. Also, if you are concerned about job security then this is actually a sign to perhaps continue renting for the moment. Consider the impact to you and your family if you decided to buy a house and after that lose your job after few months.
How can you afford to pay for the mortgage loan? Do you need to rent a room or part of the house to make it perform? These considerations are very important before you come up with your concluding decision.
Do not rush in to buying a house most especially if you’re certainly not financially and mentally ready. There is nothing wrong with renting first. Getting practical will give you more benefits in the long run. Most of all, your REALTOR® is a source of valuable information to you as a first time residence buyer.
When to buy?
Now, when is the perfect time to buy your residence? One main factor to that is when you are financially stable. Then when we say financially stable it means that you have funds at least a 5% down payment for the new house, a long lasting and stable job and probably a savings to be able to serve as your back-up plan, should you need to repair or modernize the home. Also, you have to remember that it doesn’t end in paying the advance payment; you also have to pay for other costs in buying your own house just like budget for the furniture, utilities and of course the monthly type of mortgage. During the purchasing process you will be writing cheques to home inspectors, insurance policies and lawyers.
Having a family could be another aspect that will lead you into the decision of buying a house. Boosting a family in a house you can call your own is definitely best. Having your own garden so that your children can play or even a big kitchen where you cook and eat together since family are just some perks of living in your own house.