Should I rent a house or should I buy a house? Anyone who has managed to move out of their parents home has had this question pop up in their heads. As we all know renting a home can be a very easy and painless process, unless you are not getting the best deal possible. Purchasing your own home has always been the best decision for individuals because it gives them the ability to put money towards their investments. It was once said that renting a home is putting your money in the trash can, while buying a home is putting your money in the bank. To some extent this is very true, when you move out of a home that has been rented; you have nothing to show for it. However, when you sell you house after you move out you will gain a good amount of the money back that you put into it, adjusting for the markets inflation of course. Buying a home is the better alternative.
It All Comes Down to Monthly Payments
Houses cost a lot of money today which is why we need mortgages. Mortgages allow us to pay for our house over the course of 15 to 30 years, instead of entirely upfront. When it comes right down to it, you are paying a monthly payment for a house no matter if you are renting it or buying it. A mortgage payment could cost you over $1,000 a month but so does a nice house to rent. The only difference is the landlord pays for the repairs if you rent a house. But with a mortgage you have ownership of a house, so when you move out you can sell it. If you choose not to move you, then you have a free home to live in when your mortgage payments are up.
When renting a house you never have a guarantee that you can stay in that house for a long period of time. You will most likely sign year to year leases but at some point your current landlord could tell you that they do not want to rent out the house any longer. You never run into this risk if you have your own house. Another big reason to buy, without trying to sound too sentimental, is memories. Sure you can have nice memories in a rental house but your own home is a sense of place, and it is a place for your family to gain and share memories.
Get a Mortgage Online?
Sometimes mortgages are not the easiest thing to get, especially if ones credit score is not flawless. The common man can get mortgages with us on the web for less then any of the competitors lenders can offer. You might be curious how; we do all of our business through a variety of the worlds largest home lenders. We pit the best rates out of the total lenders and then match it with you. So, when you are ready to get the best mortgage for your new home, let us know!
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[Source: Mortgage Blog]
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