There are a lot of factors to consider when deciding on buying or renting a property. Although the final decision will largely be a personal one, here are a few tips on how to decide on whether you should buy or rent a property.
* Understand the housing market especially interest rates that usually fluctuate and real estate values to determine whether it is the right time to consider a purchase.
* The advantages of renting a property are: you’ll have the freedom to move elsewhere at short notice if career opportunities arose elsewhere. Some rental properties also offer health and fitness facilities and you don’t need to worry about the cost of property maintenance, property taxes or homeowners’ insurance.
* When you purchase a home, you’ll accumulate equity by paying down principal or through possible real estate appreciation. Buying a home also allows you to have your own property and have the freedom to make any changes in your home whenever you want.
* It can also help to decide if you know your financial status and the current state of the market. There are plenty of websites available that will help you with the relevant calculations that you need to make.
* An alternative is to have a rent-to-own arrangement. This is useful especially if you’re undecided about your location, career choice or the need to accumulate money to buy because you will still get the advantages of renting.