Should I rent or buy now? There are Pros and Cons when you Rent or Buy. It is important to understand what you are responsible when you become a home owner as well as a tenant.
Renting:
Pros (+)
- Less maintenance and repairs
- Lower upfront costs
- Free up Cash and save large Down Payment for a home
- Short-term Commitment
Cons (-)
- Monthly payment may increase
- Risk that your lease won’t be renew
- You are paying someone’s Mortgage
- Can’t paint or remodel the home
Buying:
Pros (+)
- Freedom to renovate and modify
- Building up Equity
- Potential for rental income
- Stability and peace of mind
Cons (-)
- Risk of financial lost if the market goes down
- Responsibility for all ongoing costs
- Monthly payments can increase if interest rates go up
- Unexpected and potentially costly repairs
Once you understand the Benefit and Responsibility to become a homeowner, the first step is to have an appointment with the Mortgage officer in your bank to find out how much you can afford to have your first home. Secondly contact the professional real estate agent to search for the right property according to your Need, your Motivation and the Time Frame required.