You are probably trying to decide whether you want to rent or buy if you are in a position to move out of the family home, or an apartment that you might share with some roommates.Do you want to learn more? Visit -SHOULD YOU BUY OR RENT?
There are advantages and drawbacks to each of them and you have to select the choice that fits your financial position and is best for you. You will need to make sure you have ample money to make a decision. If you’re going into huge debt to do so, don’t get out.
Now do you read this and think you’re going to have to get a mortgage to buy it to do so and doesn’t that count as debt? Yeah, not if you’re able to afford it. Technically, if you fail to make the payments, a mortgage can only be classed as debt.
So if you don’t know which choice to choose and you want to move out, read on for some stuff that you need to think first.
And where’s your money going?
Someone else owns it when you rent a house and you are only paying them for the right to live there. Home doesn’t belong to you. That money should be considered dead money, because you’re never going to see that money again.
When the rental money ends and you will never own the house, there will not be a point. If this is okay for you then renting is for you.
If you have a mortgage payment, though, then you can count the cash as a savings. In your life, there will be a point where the mortgage has been paid out and you will own the house.
The house is going to be yours, and in the future, if you sell it all the money you make at home is going to be yours to hold. You could make a profit at home and you’ll have a big savings account. Then if you buy a place that’s cheaper, you’re going to own it outright, and you’re always going to have money in the bank to live a comfortable life.
If you are thinking in the long term and want more investment to lay your head in the night only somewhere, then a mortgage is for you and you can contact a mortgage broker to see what you can really afford.
Now, whether you’re in a tenure position, or you’re wealthy individually, a time could come when you’re out of a job. You need to think a lot about this because if you have a mortgage and you’re unemployed, how are you going to pay for it?
You should only give the landlord some notice if you’re in a rental property and then move back home with your parents before you’re in the financial position to move out again. When you’ve had the taste of independence, this may be hard for you, but it will be worth it to make sure you’re not sleeping rough.
Coming back to the mortgage payment, you will be entitled to demand the premium to make the mortgage payments once you have paid for the mortgage insurance.
However the premium premiums won’t last forever, so you’ll have to search for a job in the meantime. If all works out when the insurance payments end, you will be able to make the payments again and you will not lose your home.