I wanted to blog about the accommodation options we all have: to buy or to rent. We will also talk about the benefits of each option. Hopefully, after going through the following blog posts, you should be able to make a decision about whether to rent or to buy.
The choice between renting a home and buying one rank among the biggest financial decisions you will make. However, you have to consider the fact that the costs of buying a home are more complicated than those that come with renting. This is why most people, including me, have a hard time telling which of the two provides the best deal.
- Home Price
The first thing I considered, and you should do, was the prices of the homes I viewed. Although this is an important factor, however, it is not the only one. I used mortgage calculators to estimate the values before I made my final decision on whether to continue renting or to buy and researched Leeds conveyancing solicitors for prices to take care of the legal side of things in my area.
- Time Factor
Of course, I also thought about how long I was going to stay in the homes I viewed when I was making my home purchase/rental decision. As I did this, I came upon the realization that buying is actually the better option if you are thinking of staying in one place over the long term. This is because the upfront fees will be spread out over and reduced over many years.
Last but not least, I considered what the future held for me and for my family. In the process, I considered how much stock prices, rents and home prices would change in the future. These things are difficult to predict. However, I judged correctly.
To conclude, therefore, it would be financially sound to continue renting until I found property that I could see myself spending my twilight years. Once I got hold of my dream home, I immediately booked it and started my journey towards home ownership.