Pros and Cons of Buying and Renting a House

 

Are You Financially Prepared to Buy?



If you’ve been eyeing homeownership, you are probably familiar with the down payment you will need to save up for. Also, consider checking your credit history and if you have any outstanding debt right now it would be better to pay it off first before applying for a mortgage. For those who just got a job or just have finished spending or paying something of a large amount as a financial obligation, like a wedding, a new car, car accessories, paid off a student loan, hold off the homeownership for now and get your finances sorted out first; let yourself bounce back and recover from these big expenses that you’ve spent on before jumping into a bigger financial obligation that is homeownership.

You would also want to determine what kind of home you are planning and figure out what your cost of living would be. It is important to set expectations and add a little more to your allowance so you could determine what if you can maintain owning a house considering the actual price to pay and the maintenance that comes with it.

Remember, if you are set on buying a home, some homeowners insurance policies come with a discount. This is when they are bundled with auto or other policies. Make sure to look into these kinds of considerations to help you save more money while buying a house.

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