Should You Rent or Buy a house?


Posted March 25, 2019 by inrcredit

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Even though most of us consider buying a house as the ultimate dream, there are many who may not be happy being home owners. Since for most of us an owned house means a huge financial asset, it does make sense to be educated, informed and more prepared instead of making a mere emotional decision.

Keeping that in mind, let us consider and review important considerations that can decide whether owning a home is best for you?

Emotional considerations

Do you have the right reasons for owning a home or you are doing so just to keep up with the society? Does the idea inspire and motivate you or there is some other emotional reason? Do you think you are ready and prepared to own a home and the responsibilities that come with it? Consider if owing a house will make you feel better about yourself or self-satisfied?

Financial considerations

Everyone, especially first time home owners rely on home loan to afford their dream house. In order to do so, one must check their credit report and address any alarming issues which may have a negative impact on your purchase. You can do that yourself or take professional assistance. You can also opt for online home loan eligibility check[https://www.inrcredit.com/] to see how much loan can you secure. In addition to that, you must have enough savings to pay for the down payment as well as some extra for emergencies. It is also important to possess job security so that you are comfortable going ahead with home loan and have no difficulty in paying back.

Who might want to continue to rent?

While this may come as a surprise to many, but owning is not meant for everyone. There are a plethora of reasons for the same. Of course your comfort zone and economic status are important deciding factors too. But will the responsibilities that come with owing a house make you stressed? Would you rather have your landlord remain responsible? Are you planning to relocate in near future? If you are, renting may be a more viable option for you.

Owing a home is great as long as you are emotionally and financially prepared for the same. So, it is important that you proceed with this important decision with your eyes wide open.

Source: https://www.freeprnow.com/pr/should-you-rent-or-buy-a-house
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Issued By INRCREDIT
Country India
Categories Loans
Tags online home loan eligibility check
Last Updated March 25, 2019