Should you rent or buy a home?

Buying a home is a big decision. There are many factors you will consider such as how many rooms you should have or how many drive-ins are nearby. But more importantly - consider these factors!

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:

  1. Do you have enough for atleast 20% downpayment?
    Yes: Buy; No: Rent.
    Why? A big downpayment means lesser instalments. If you saved, you are probably more financially committed.
  2. 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.
  3. Are you commitment phobic? Yes: Rent; No: Buy
    Why? Home loans run up to 30 years!
  4. 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.
  5. 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.


Agree or disagree with this post? Questions? Be the first to post!