The Great Housing Debate: Rent vs Buy
Overview: If you are living in any particular house either through renting or buying you the right to use and protect the facilities in it, without coercion from landlords for those who are renting. However, the right to ownership differs for these two categories of people. Therefore, the debate about rent vs buy is very essential for first time home buyers.
As a young graduate living with mom or dad, you should understand that you will eventually need your home. Selecting to rent or to buy will depend on your choice and the information that you have, concerning the two scenarios. At AmeriFirst Home Mortgage, you will get the information you need for decision making to buy or to rent.
Renting a house is popular among the young graduates because they do not have the necessary finance to buy a home. It may also be suitable if you are planning to relocate to a new residential place or if your employment is short-term. You therefore need to assess your situation before deciding about the issue of rent vs buy.
Buying a home is an important for your future financial security. After realizing that you need your own home at the end of the day, it is vital to start planning for a mortgage facility that will meet your financial ability without affecting your expenditure in the future.
Buying a home will make you avoid the nightmare that the people who rent the houses go through. When considering the issue of rent vs buy, you must be aware that buying a home is a lifetime commitment that would help you save the amount of money you might spend while renting.
The other significant issue that you have to consider is the probability of staying at the place for the rest of your life. This is important because you might not get a willing buyer at the time you want to relocate. Similarly, you might be forces to resell the house at a lower rate leading to financial loss.
The Right Mortgage for Buying a Home
As a first time home buyer, you should not be confused in determining the issues about rent vs buy. This is because you need a mortgage guidance that will aid your intention to buy a luxury and dream house and repay easily. Your mortgage facility should measure with your financial ability to pay off.
When it comes to making the decision, education is key. Download "The Essential Guide to Buying Your First Home" for a look at the home buying process. The free eBook covers down payments, FICO scores and more.
(creative commons photo credit)