The decision on whether to choose home buying or home renting for your housing needs is relevant in the present economic condition that the real estate industry is bombarded with. Furthermore, the massive effects of the financial downturn such as unemployment and instability of jobs and salary wages are instrumental in making that salient decision. What is really the wise option for your housing concerns?
There are several factors to carefully assess when deciding between the two salient entities in real estate investment. Financial resources and time element are vitally important in the productivity of your venture. The availability or limitations of the amount of money you can realistically spend on your house determine which one is the best and wisest option for you.
For instance, if you have abundant resources and you know that you can comply with your monthly payment obligation regarding your home equity loan, then you can opt for home purchase. Furthermore, having the time to spend on your mortgage application, submission of requirements and waiting until your application is found eligible and finally approved is likewise needed. Bear in mind that you cannot easily secure a mortgage loan without painstakingly working for it. Starting from your submission of the loan application, the mortgage provider will require you to pass all the requirements that will prove your eligibility for the loan. For instance, you need to submit your credit report, your certification of employment with the corresponding salary wage, the record of all your liquid assets such as bank accounts and stocks.
The mortgage provider will carefully assess your qualifications to know if a home loan grant is amenable and what type of mortgage to give you among others. Furthermore, you need to pay the different expenses incurred while processing your home loan such as the fees for the home inspector and home appraisal, charge for the title search and insurance, the underwriting and documentation and more. The price of the house you intend to buy is still not included in these sets of expenses.
Renting a building unit or property is another option which is proven to be more affordable and practical in terms of finances and time consumption. For instance, you just have to worry about your monthly rents and maintenance fees for high-rise living. The price or amount of money you needed to pay for the rent is miles and miles different from the hefty cost of your mortgage payment. Furthermore, you do not fear losing the property when missing a payment. It is easier to talk to your landlord to extend your payment dues than to talk to your mortgage provider regarding missed payments and stuff.
Keeping a busy and hectic schedule is likewise one of the viable reasons for home renters to prefer their choice. For instance, you do not need to deal with the home maintenance and repair issues since the landlord or building administration are the ones obliged to take care and address the problem.
The pressing questions and weighing of decision in terms of home buying versus home renting is not at all confusing as long as you know your priorities and realistic enough to deal with your housing needs.