What Is your goal – to Create a Profit, or to settle down in a place you love? What is your credit score? Are you planning to move within the next few years? How much money do you have in the bank? These factors can affect whether you should continue to lease or make the leap and buy a house.
To assist with your decision, we highlighted the essential differences between the two choices in the graph below:
While many Officials request the first and last Month’s rent, in addition to a security Residue, this is still less than that which You’d probably pay for a deposit.
|Most mortgages require a down payment, and you generally get Better terms with more cash down. You may also have to cover closing costs|
|You may not be able to Upgrade Or personalize your living space But, repairs, if you Require them, generally cost less. Your Landlord is probably responsible for fixing things like leaky faucets.|
|Upgrade your home with renovations (some of which may boost your home’s value). However, repairs and maintenance are your responsibility|
|Your rent may increase in the future|
|Home values can rise and fall over time|
|Relocating can be simpler, if you Think you could move cities or Change jobs in the near future, you have very less responsibility leaving a rental|
|You may build equity (the Market place value of your home minus what you Owe on it), which may boost your personal wealth.|
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