Buying a home is a big decision and can be both exciting and nerve-wracking but it may not be the best choice for everyone. Ask yourself:
- Do you have enough for atleast
Yes: Buy; No: Rent.
Why? A big downpayment means lesser instalments. If you saved, you are probably more financially committed.
- Do you plan to stay in one
place a long time? Yes: Buy; No: Rent
Why? It’s easier to up and move from a rented place than sell a house you own.
- Are you commitment phobic? Yes:
Rent; No: Buy
Why? Home loans run up to 30 years!
- Do you earn enough to pay the
instalment, utilities AND repair? Yes: Buy; No: Rent
Why? Your home will need fixing! No more simply calling the landlord.
- Do you really want this? Yes:
BUY! No: RENT!
Why? Don’t treat buying a home as simply something you ‘must do’. You will be more committed and responsible if it’s something you really want.