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To Rent Or Buy A House?

It’s necessary to have a place that can be called home, and of course, it requires money. There is a Right to Housing in some national constitutions, but the fact remains that these things are tied to finance. Personally, I believe the importance of saving money to get a home cannot be underestimated, and that getting a home becomes easier for those that are meticulous and knowledgeable enough to take advantage of certain financial tools available out there in today’s technological advanced world (particularly mortgage calculators)
When it comes to getting a place to call home, many folks are usually at the crossroad, confused about if they should rent a house or buy one. So, the usual question is, “Should I rent a house or just buy a house?”
The answer is, “It depends on several factors”. Since renting and buying are associated with different costs, you have to take time to review your finances and lifestyle. You must also check your short-term or long-term goals, and of course, be realistic.
How much do you have? How long do you intend to live in the house, and can you afford to take care of home repairs / maintenance?
It should be noted that no utopian choice here, as both have their peculiar PROS and CONS. Actually, it is usually more affordable to rent a house than to buy one. But then, when you get your own house, you become your own landlord and no longer have to answer another’s rules.
When you Rent a house, it comes with less responsibility on your part, as the Landlord takes care of maintenance and repairs, and you can use your money to invest in other things (you don’t even have to pay property tax bills). However, you will have to deal with a rise in the rent, and the Landlord can even sell the property, forcing you to move – but you don’t have to bother about such when you purchase the house.
To ensure you will make the best decision (for you), there are great tools available on the internet today to make such things easier.
For instance, mortgagecalculators.info has tools that will help you decide quickly if it’s better to rent or purchase a home.
When I was going through the stuff, I discovered they even have both a basic tool and an advanced one. The basic one can help you understand how much home one can afford to purchase while paying a monthly payment equivalent to one’s current rental payment (it is usually beneficial for folks that know they will live in the home for an extended period of time). The other, which is advanced, contains a lot of features that enables folks to compare the long term impact of inflation, real estate appreciation as well as real estate transaction costs as they try to know which options better suits their needs (and it’s more beneficial for those who think they are likely to sell the home in a few years)
So, take time to make a choice – the choice is yours to make.
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