This question involves a lot of consideration and research. It involves weighing your personal and financial incident. If we are all born with a Bill Gates or Donald Trump heir then we wonít have to think of anything. But what if our budget is just enough for ourselves and the family? What if we still have to cannot be permitted for a financing? What if we are still on the threshold on starting our own family and would still be saving up for a new home or new mortgage payment? This is where we should take into account the pros and cons of renting a home or buying a new home? Which should be more helpful to us? Which should be ethical? Which should be more reasonable and acceptable for us? If we are still young and single, buying a new home is still far from our minds. But what if we are married with growing kids, with mounting needs and climbing up requirements for a more stable home and vicinity?
How much Maintenance?
Renting a home, you donít have to think of anything expensive than maintenance. You just how to bring up to date your landlord about it. Voila! You can have it fixed right away. But what if itís your own home and you need the faucet or the hot and cold shower fixed? How much should it require? Do you have the required funds to bear it? How about the monthly bills? The telephone, internet, cable, water and electric. If you are renting, then your landlord has broad business and liability on these. But in your own home, you need to be the one to take care of each and every billing that arrive at your doorstep. That excludes the monthly insurance payment for the new home, the credit card minimum due, the mortgage monthly due and other legal fees. Itís obvious that when you are a renter, you have fewer tasks than when you are having your own home.
How much commitment and payment are you willing to take?
Whether you are renting with lease purchase or other options, thereís a time-frame for such contract. There is a termination of your liability. Thereís an ending to each and every contract. You can always go out and terminate it. But how about your responsibility with your own home? Could you get out with your home mortgage in just a snap? This would greatly damage your credit. You need to take heed of it as much as you want to take care your own home. If you are on financing, then you are the one to go to the bank and pay your monthly due as opposed to a renter where you would just rap on your landlordís door. With the mortgage you cannot ask the bank to widen your deadline without incurring extra interest. With your landlord, you can always beg for an expansion if the need arises. How about the taxes involved for a new home? The monthly homeowner fees, the taxes involved for such mortgage. In comparison with the monthly rent that you need to give out to your landlord, that will operate directly to him without spending extra for interest and other late charges. The good thing about home ownership, you can always re-sell it in the future.
How much wealth or Credit can you build?
Renters apparently cannot put together and bank on their credit and cannot definitely bank on prosperity. Say, you are continually renting for 5 years for a $1000 then itís $60,000 for five years. This amount could be used for a down payment for a dream home and then you can own up it for the next 10 or 20 years. The property would then appreciate from $150,000 to $500,000 after 5 or 10 years. You can always advertise your home at a profit. Whereas a renter, can't get whatever thing out of those monthly rent paid.
With all these concern and features, you can always point out to work for a your new dream home. Itís about selecting for your future and how you would succeed hard to achieve it. Give yourself adequate time to think about it carefully. As we get older, we want to reconcile for things that are mostly weighty for us and the family. It may not be so uncomplicated, but everything could be worked out with cautious planning and reflection.