While, most couples, when they first get married, rent their living space, in many cases, they have, the so – called, American Dream, of eventually, owning, a home, of their own. Home ownership is not, necessarily, for everyone, because, some, do not have the financial abilities, and reserves, to purchase, something, that might meet their needs, while, others, may not want, to assume the responsibilities, which accompany , owning your own house. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, some ways, to evaluate, whether, you should own, or rent a house.
1. Renting: Home ownership is not for everyone, even if it is considered, the American Dream! Some rent, as a short – term solution, while trying to save their money, in order, to accumulate sufficient resources, and reserves, so they might be able to afford, to eventually, afford to buy. Others prefer renting, because they aren't certain about their future needs, or where they will reside. Still, others, determine, they don't want to be responsible for maintaining a house, and / or don't want the accompanying responsibilities, stresses and strains. When one rents, the monthly costs, are, somewhat predictable, and / or, even, fixed – costs. This is a very personal decision, and a wise individual, should consider, what's best for him, and his needs, rather than, merely, keeping up with the Jones'.
2. Owning: One of the key reasons, for owning, is, when you own, you build – up, asset value, instead of merely, paying your landlord's expenses. There is a considerable degree of pride in ownership , which often, makes people happier, and self – satisfied. Before you own, you should check your credit report, ensure it will be sufficient, to qualify for a mortgage, and there are no errors. One can either do so, by himself, or use, one of the professional agencies, which will assist you. Next, check your finances, and see how much, you have for a down – payment (Most, but not all mortgages, require 20% down). Then, ensure you have sufficient financial reserves. One reserve should be equivalent to six, to nine months, of mortgage payments, so if there are any contingencies, etc, you are prepared, financially. Another one is needed for repairs, renovations, maintenance, upgrades, and other, unforeseen contingencies (also known as an Emergency Fund). Understand your needs, priority, objectives, purpose, and other reasons, you want to own a home!
There's no simple answer, to whether, owning or renting is best for you. Give yourself, a ckeck – up, from the neck – up , so you might objectively, introspectively, know and understand, what's best, for you!
