It’s a big question that can not be answered simply: Do you continue to rent or do you start thinking about buying a home?
One of the biggest benefits of having your home is that your money will no longer go to anyone else. But that does not mean that buying is always the best choice – as a tenant you have more freedom and less cost in terms of home arrangements.
Some questions to ask yourself to understand what is right for you:
1. If you do not have enough savings, would you qualify for a loan?
As long as you do not have enough savings in the bank to cover the purchase of a house and the arrangements that come with it, you should consider whether you can get a loan in a bank. And if so, what is the amount offered?
2. Can you cover all the expenses that come with buying a house?
Paying for a home is a step, but you should always consider the other steps that go into buying a home. The house may need adjustments, painting and furniture and you as a potential buyer should consider whether you have enough savings to cover these costs.
3. Can you afford the prices in the area?
It is known that the prices of daily living also depend on the area in which you live, the most populated areas have somewhat higher prices. You should consider this, considering a long-term life in the area you choose.
4. How important do you consider freedom to make changes at home?
If you like renovations, changes, or repairs to have your own home is the best choice. If you are in a rented house, the chances of change are slim, as far as the landlord allows.