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.

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