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Renting Vs Buying – Making The Smarter Choice

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Post time 13-7-2016 10:00 AM | Show all posts |Read mode


To rent or to buy? That’s the question that almost every adult will ask themselves at one point or another. At my previous place, the best thing about it was “Sam”. Burst lightbulb? Call Sam. Kitchen taps need fixing? Call Sam. Now that I’m a homeowner, there is no more “Sam”.

So before you answer the question of buying or renting, here are some other questions you should ask yourself first.

Is it important that your house is an investment?

If it's very important, you might want to rethink your future living arrangements. A home is not a guaranteed source of income. There are many factors that play towards a home’s worth such as the location, the neighbourhood, the management, and even the facilities provided. A great deal of planning is required to find that perfect investment property, and let’s not get started on finding the perfect renter. When you choose to sell the house after 5 years, all these factors would have contributed to the final selling price at the end of the day.

Have you crunched all the numbers?

The biggest mistake future homebuyers make is comparing a month's rent to a month's mortgage payment. When it comes to purchasing your own house, there are many additional fees you need to include to make a fair comparison: the principal interest, property taxes, property insurance, homeowners association fees and maintenance.

The maintenance, in particular, can't be underestimated. If your wiring goes wrong or a pipe leaks, you have to fix it yourself or hire a professional, and there are other ancillary costs as well. It all adds up.


Read more please click Renting Vs Buying – Making The Smarter Choice


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